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September 26, 2008

Barney Frank Takes Center Stage In Banking Crisis

Barney Frank Takes Center Stage In Banking Crisis

Congressman Barney Frank is holding his own as chair of the House of Representatives Financial Services Committee in the middle of the most important financial government intervention in a century. Beyond working 24-7 to pound out a deal on the $700 billion bailout, he is treating the nation to the same political wit his LGBT supporters have long appreciated. 

As Sen. John McCain announced plans to suspend his campaign and proposed skipping Friday's presidential debate in order to swoop to into Washington and help with negotiations, Frank took time out of his meetings to issue a statement saying he worried about the "politicalization" of the process. "All of [a] sudden, now that we are on the verge of making a deal, John McCain drops himself in to help us make a deal," he said, adding, "We [are] trying to rescue the economy, not the McCain campaign." Many Democratic analysts have charged that McCain's surprising move is a political stunt intended to stem the steady plunge he has been taking in the polls over the past two weeks. McCain has not been present for a Senate vote in Washington since early April; Sen. Barack Obama cast his last vote in early July.

At President Bush's behest, both Sens. Obama and McCain were traveling back to Washington late Thursday to assist in finalizing legislation, though most analysts agree that the best thing they can reasonably do is help marshal the votes to pass the bipartisan bill in the Senate.

Frank echoed the notion Wednesday that their presence might well become more of a distraction than a help. "We're going to have to interrupt a negotiating session tomorrow between the Democrats and Republicans on a bill where I think we are getting pretty close and troop down to the White House for their photo op," he told The Washington Post. "I wish they'd checked with us." Frank also told CNBC Wednesday that the House of Representatives had reached a deal on a bill that would likely garner the votes to pass.

Still in question is the fate of the first presidential debate, which is due to be held Friday at 9 p.m. Eastern. Responding to McCain's suggestion that the two candidates should hunker down in Washington, Obama said he still plans to be in Mississippi. "With respect to the debates, it's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess," Obama said during a hastily arranged press conference Wednesday afternoon. "And I think that it is going to be part of the president's job to deal with more than one thing at once."

But in remarks to the Clinton Global Initiative Conference Thursday morning, McCain appeared to be sticking to his guns, hinting that the candidates should not prioritize a debate at a time of economic peril.

"As of this morning I suspended my political campaign," he said. "With so much on the line, for America and the world, the debate that matters most right now is taking place in the United States Capitol -- and I intend to join it." (Kerry Eleveld, The Advocate)

More on Frank:

A Broader Bully Pulpit
As Congress grapples with solutions for a faltering economy, Barney Frank sits at the center of power.
By John Gallagher, from The Advocate, September 9, 2008

From the archives of The Advocate and Advocate.com

Reader Comments

These comments are reproduced as written by visitors to this Web site. They have not been edited for content, grammar, or spelling. The viewpoints appearing here are those of the writer, and do not necessarily reflect the opinion or views of advocate.com, The Advocate, or its affiliates.

  • Name: Andrew
    Date posted: 2008-10-15 12:54 PM
    Hometown: Hall, NY

    Comment:

    Barney Frank should go to prison, along with Chris Dodd, and any others (Republican or Democrat) connected to this mess--- The only problem, they ALL ARE. Just because Barney Frank is gay, does not mean we have to give him our unconditional support. I know plenty of queens who do things I don't agree with, and that bitch is one of them.


  • Name: Mary JustDOIt
    Date posted: 2008-10-02 4:14 PM
    Hometown: Los Angeles

    Comment:

    That putrid obscene disgusting Barney Fife Frank financially benefited for donations from Fannie and Freddie while doing nothing to watch the people's investments;now he will keep his job and chairmanship while my tax dollars bail out greedy homeowners who don't have a damn dime of their money invested in their properties and save the investor whose rental purchase doesn's suit him now AND the deadbeat who re-fied and took the dollars and spent them & now can't pay. The same for Chris Dodd Vote NO on this bail out you greedy trough-sucking do-nothings. Protect legitimate homeowners and tax payers for a change


  • Name: Leo
    Date posted: 2008-09-26 1:55 PM
    Hometown: Austin, TX

    Comment:

    Rep. Barney Frank could arguably be the most powerful gay politician in the world right now. I am confident he will use his post and aid the situation with quick wit and intellect.


  • Name: Dan
    Date posted: 2008-09-25 9:39 PM
    Hometown: Los Angeles

    Comment:

    Blaming Chris Dodd and Barney Frank for not fixing this mess in 2005 is kind of ludicrous. In 2005, the House and the Senate were controlled by Republicans, who have stymied regulation and financial oversight throughout the Bush administration. Even with the present Congress, with Democrats in the majority, Republicans have blocked legislation with more filibusters than at any point in the nation's history.


  • Name: Chris Martino
    Date posted: 2008-09-25 7:21 PM
    Hometown: Ashburn, VA

    Comment:

    Maybe if Barney Frank and Chris Dodd had taken care of the issues surrounding Fannie Mae and Freddie Mac in 2005 when they had the $12 billion accounting scandal we would not be in this situation. There is more than enough blame to go around for both parties. Too bad the same players are the ones creating this bailout plan.


  • Name: Pete
    Date posted: 2008-09-25 7:13 PM
    Hometown: Studio City, California

    Comment:

    I guess I shouldn't be surprised that certain politicians emerge as leaders during this time of national crisis. Except Bush, of course. Reminds me of 9/11 when Rudy Giuliani took over as a leader while Bush hid. But I digress. Go Barney! I'm really proud of you!


  • Name: Chris Sullivan
    Date posted: 2008-09-25 6:07 PM
    Hometown: Chicago, IL

    Comment:

    Barney Frank is not only a brilliant politician, he is a great role model and wonderfully witty individual. So lucky we are to have someone of his caliber working with us.


  • Name: Allen White
    Date posted: 2008-09-25 4:04 PM
    Hometown: San Francisco, California

    Comment:

    Rep. Barney Frank is respected as one of the brightest members of Congress. Sen. McCain now knows one of the stupidest stunts he could pull is attempting to minimize the efforts of Congressman Frank. In one press statement, Frank reduced McCain to a candidate willing to do most anything to win. What McCain might also learn is when Sen. Obama talks about change, this is precisely what he is talking about. Allen White San Francisco, California


  • Name: Jerry Zachary
    Date posted: 2008-09-25 3:20 PM
    Hometown: New Orleans

    Comment:

    I'm very wary of this bailout (if Bush is for it then I'm against it) but at least we have the very bright Barney Frank as head of the Finance Committee to represent us. The man inspires confidence when I have none.


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