Rep. Barney Frank, the coauthor of the comprehensive financial overhaul bill that Congress passed last year, isn't going to seek reelection, his office confirmed Monday.
Frank (D-Mass.) who became the ranking Democrat on the House Financial Services Committee after losing his chairmanship when his party lost the majority last year, has served in Congress since 1981.
The Dodd-Frank bill passed mostly along party lines and was pushed by the Obama administration as part of its response to the financial crisis that it inherited.
During his tenure, he's expressed support for the work of credit unions and said that if all financial institutions had acted as responsibly as most credit unions did there would probably not have been a financial crisis.
The political action committees of CUNA and NAFCU regularly gave his campaign contributions, often the maximum amount of $10,000.
Frank also has been a staunch supporter of the Consumer Financial Protection Bureau, created by the Dodd-Frank bill. He rarely had a difficult reelection race though last year was held to 54% of the vote.
Rep. Maxine Waters (D-Calif.) is in line to succeed Frank as the top Democrat on the House Financial Services Committee.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.