HR 4173 – Barney Frank Continues to Bail Out Banks – Files It Under Consumer Protection - Frank is up for Reelection in 2010

Hr 4173, a bill devised by Barney Frank, and introduced on December 2nd, 2009 referred to the Financial Services Committee (along with several other Committees by Speaker, Nancy Pelosi, is, in essence, yet another bail out of the Big banks.
Suggested reading: An article by David Reilly of Bloomberg entitled: “Bankers Get $4 Trillion Gift From Barney Frank”

Reilly pointed out several concerns, chief amongst them:

Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.

In addition, the bailout of Frank’s pet projects, Fannie Mae and Freddie Mac, resulted in yet another loss for taxpayers – an estimated $400 Billion. Article Here also at Bloomberg

Although Frank’s seat is considered “safe” (the norm for Massachusetts entrenched politicians), internal polling from one opposition campaign, showed a 30% approval rate for Frank in the 4th district. That said, even though logic dictates that Frank would not be returning to Congress in 2011, that is not always the case with Massachusetts politicians. Frank is facing opposition from Earl Sholley (website here) who ran against Frank in 2008, garnering approximately 30% of the vote. Sholley had entered the race late in 08 and has a solid campaign together going into 2010. Sholley, a conservative, is running as a Republican. Keith Messina (website here) is also running as a Republican. Messinna has never run for elected office. Frank also faces Democrat Rachel Brownwebsite here. It is evident that Frank is inspiring people in Massachusetts and his district - to run for his seat.

However, should sister Pelosi, lose her majority (looking more probable by the day), (and/or John Dennis wins in San Francisco, where Nancy does not enjoy great popularity (John Dennis for Congress) Frank would be downgraded to less lofty position (or one from which he can no longer destroy the economy). That said, retirement would be preferable, as he would no longer be eligible to get his hands on the taxpayers pocketbooks.