Barney Frank announced his retirement from Congress on Monday, leaving fellow Democrats without their only defender landmark financial regulatory overhaul that Republicans and Wall Street want the group to cancel.
Elected to the House of Representatives in 1980, Frank was one of the first openly gay politicians to serve on a national level. In an era of political images carefully, he stood out for its battered behavior and sharp wit.
"Attempts to carry on a conversation with you would be like trying to argue with a dining table," he told the accuser in 2009.
Frank, 71, said his decision was caused difficulties for re-election in the newly redrawn district, and his desire to spend more time writing and teaching. He told several aides that he did not want to die in Congress.
The Democrats expect to keep the place Frank, as they try to regain control of the House from Republicans in the November 2012 election.
But his departure may make it harder to keep his party's ambitious reforms that marked the first term of Barack Obama in office, or to maintain a strong state role in the housing market, as Republicans prepare to overhaul the mortgage market.
Obama praised the 16-term congressman for his co-authorship of "most sweeping financial reform in history" to prevent the excesses of Wall Street, which fed the 2007-2009 financial crisis and the worst recession in decades.
Not all agreed. "Good riddance," said Gary Townsend, chief executive of Hill-Townsend Capital, Maryland-based firm that invests in financial stocks.
Townsend called the financial regulatory overhaul of the disaster, "narrows the plumbing of the financial system at the exact time we need reliable financial institutions."
Since then Senator Christopher Dodd, Frank led a comprehensive review of the rules of Wall Street, which passed last year, despite the small Republican support.
Republican presidential candidates say the Dodd-Frank Act imposes new burden on the economy, while unemployment has been stuck at 9 percent, and promised to repeal the law, even as regulators continue her life.
Frank shot back efforts to weaken consumer protection law, but has shown some openness to the complaints of the banking industry. Earlier this year, he said the new debit card fee crackdown was too harsh.
Sharp elbows, but pragmatic
Defender of affordable housing, Frank would have had a hand job to reform the public mortgage buyers Fannie Mae and Freddie Mac.
House Republicans tried to relax enterprises, but the administration and other policymakers have warned against removing support too quickly, given the weak state of the housing market.
Representative Maxine Waters, more critic of Wall Street, are next in line to succeed Frank top Democrat, Financial Services Committee, which controls the economy, housing finance and the Federal Reserve and other major financial regulators.
"Even if he has sharp elbows and was not afraid to use them, I also think that it is more pragmatic side than some people who might succeed him," said Brian Gardner, an analyst with the Washington, Keefe, Bruyette & Woods.
Waters faces ethics inquiry following allegations that it violated House rules by trying in 2008 to assist the bank in which her husband served on the board of directors.
Frank survived the scandal of ethics in 1989 after he admitted hiring a prostitute as a personal assistant. Frank apologized and said he never used official funds.
Frank became the 16th House Democrat to announce he would retire or run for another office next year, twice the number of Republicans. Frank suburban Boston area has become more conservative since it was redrawn this year, but one political handicapper said Republicans are unlikely to wrest it from Democratic control.
"It's one of those, retirement is not going to give Democrats headaches," said Nathan Gonzales of the nonpartisan Rothenberg Political Report.
Republicans acknowledged that they were not likely to win a place of Frank, but he said that his retirement is a sign that Democrats do not expect to regain control of the House.
James Siegel, a former aide, said Frank felt that he did what he wanted to achieve in Congress, and enjoyed it less now that the Democrats are in the minority.
Frank said he would spend his time defending the financial reforms and calls for reducing military commitments.
"There is no way I would be a lobbyist," he said at a news conference in Newton, upscale suburb of Boston.
Frank, who publicly acknowledged his homosexuality in 1987, told Reuters in March that he would like to write the history of the gay rights movement.
"He brought his own brand of brashness, bravery, consummate wit, skill and discipline on Capitol Hill, sometimes ingratiating and infuriating friends and enemies," National Gay and Lesbian Task Force said.
Elected to the House of Representatives in 1980, Frank was one of the first openly gay politicians to serve on a national level. In an era of political images carefully, he stood out for its battered behavior and sharp wit.
"Attempts to carry on a conversation with you would be like trying to argue with a dining table," he told the accuser in 2009.
Frank, 71, said his decision was caused difficulties for re-election in the newly redrawn district, and his desire to spend more time writing and teaching. He told several aides that he did not want to die in Congress.
The Democrats expect to keep the place Frank, as they try to regain control of the House from Republicans in the November 2012 election.
But his departure may make it harder to keep his party's ambitious reforms that marked the first term of Barack Obama in office, or to maintain a strong state role in the housing market, as Republicans prepare to overhaul the mortgage market.
Obama praised the 16-term congressman for his co-authorship of "most sweeping financial reform in history" to prevent the excesses of Wall Street, which fed the 2007-2009 financial crisis and the worst recession in decades.
Not all agreed. "Good riddance," said Gary Townsend, chief executive of Hill-Townsend Capital, Maryland-based firm that invests in financial stocks.
Townsend called the financial regulatory overhaul of the disaster, "narrows the plumbing of the financial system at the exact time we need reliable financial institutions."
Since then Senator Christopher Dodd, Frank led a comprehensive review of the rules of Wall Street, which passed last year, despite the small Republican support.
Republican presidential candidates say the Dodd-Frank Act imposes new burden on the economy, while unemployment has been stuck at 9 percent, and promised to repeal the law, even as regulators continue her life.
Frank shot back efforts to weaken consumer protection law, but has shown some openness to the complaints of the banking industry. Earlier this year, he said the new debit card fee crackdown was too harsh.
Sharp elbows, but pragmatic
Defender of affordable housing, Frank would have had a hand job to reform the public mortgage buyers Fannie Mae and Freddie Mac.
House Republicans tried to relax enterprises, but the administration and other policymakers have warned against removing support too quickly, given the weak state of the housing market.
Representative Maxine Waters, more critic of Wall Street, are next in line to succeed Frank top Democrat, Financial Services Committee, which controls the economy, housing finance and the Federal Reserve and other major financial regulators.
"Even if he has sharp elbows and was not afraid to use them, I also think that it is more pragmatic side than some people who might succeed him," said Brian Gardner, an analyst with the Washington, Keefe, Bruyette & Woods.
Waters faces ethics inquiry following allegations that it violated House rules by trying in 2008 to assist the bank in which her husband served on the board of directors.
Frank survived the scandal of ethics in 1989 after he admitted hiring a prostitute as a personal assistant. Frank apologized and said he never used official funds.
Frank became the 16th House Democrat to announce he would retire or run for another office next year, twice the number of Republicans. Frank suburban Boston area has become more conservative since it was redrawn this year, but one political handicapper said Republicans are unlikely to wrest it from Democratic control.
"It's one of those, retirement is not going to give Democrats headaches," said Nathan Gonzales of the nonpartisan Rothenberg Political Report.
Republicans acknowledged that they were not likely to win a place of Frank, but he said that his retirement is a sign that Democrats do not expect to regain control of the House.
James Siegel, a former aide, said Frank felt that he did what he wanted to achieve in Congress, and enjoyed it less now that the Democrats are in the minority.
Frank said he would spend his time defending the financial reforms and calls for reducing military commitments.
"There is no way I would be a lobbyist," he said at a news conference in Newton, upscale suburb of Boston.
Frank, who publicly acknowledged his homosexuality in 1987, told Reuters in March that he would like to write the history of the gay rights movement.
"He brought his own brand of brashness, bravery, consummate wit, skill and discipline on Capitol Hill, sometimes ingratiating and infuriating friends and enemies," National Gay and Lesbian Task Force said.
