U.S. Rep. Barney Frank, D-Mass., has announced he will not run for re-election. Good riddance.
Frank is one of the darlings of liberal America. President Barack Obama praised his work to enact "the most sweeping financial reform in history."
Obama was referring to Frank's efforts to impose new regulations on financial institutions.
But the Bay State congressman deserves to be remembered more for his so-called "affordable housing" demands. By virtually requiring financial institutions to grant mortgages to people who couldn't afford them, the rules brought about the housing market meltdown and resulting recession throughout the U.S. economy.
And let us not forget Frank stymied conservative lawmakers' attempts to prevent the housing crisis. In 2003, he remarked that, "There has been more alarm raised about potential unsafety and unsoundness than, in fact, exists." He was speaking of mortgage giants Fannie Mae and Freddie Mac, which since have cost taxpayers tens of billions of dollars.
Perhaps Frank is leaving because he understands Massachusetts voters see through his rhetoric. Let's hope they show that in choosing a successor.