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.

“Is Barney Frank on GM’s Board?” The Kansas City Star Asks - Frank Campaigns early - Faces Challenger in the 4th

Barney Frank, Massachusetts 4th District U.S. Congressman, is making headlines outside of Massachusetts for his recent display of chutzpa regarding General Motor’s. Apparently the company’s decision to close several plants around the country, was ok with Mr. Frank until it was one in his own district. Frank, who is up for re-election in 2010, called General Motor’s CEO, Henderson, and bluntly demanded that the GM plant scheduled for closure in his district remain open. Apparently, E. Thomas McClanahan, a columnist for the Star, felt that Mr. Frank overstepped a bit. (One would think) However, his opinion was based upon promises from President Obama that once the Government owned control of businesses, specifically the auto makers, there would be no intervention. Either Barney didn’t get the memo, or this was a given from the get-go – certain “High-Profile” controlling members of Congress would be able to play fast and loose with Government Owned Entities, demanding that CEO’s (who’s jobs now depend upon the whims of the administration and certain members of Congress), do their bidding.

Frank is not the only Member of Congress protesting plan closings in their districts; Lamar Alexander a Republican Representative from Tennessee, blasted Frank over his meddling with GM – a plant is scheduled to close in Alexander’s District, and he noted that all congressmen would be fighting for their districts and plant closings, however, he did not call and “explain” the importance of keeping his districts’ plant open – unlike Mr. Frank.
Video Here:


Barney Frank, who is directly linked to the meltdown of Fannie Mae and Freddie Mack which led to the entire financial crisis, is seeking re-election in the 4th district. District residents will have the opportunity to send a message of fiscal restraint to Washington, help their own district (little is being done to alleviate the pain of the 4th district, which relies heavily on the fishing industry and has one of the highest unemployment rates in the state), and the rest of the country. Earl Sholley, a graduate of the University of Scranton, the University of Massachusetts who also studied at the University of Madrid, Spain, served in the Peach Corp. as well as the U.S. Army. A business owner for over 24 years, Mr. Sholley will challenge Frank for a second time in 2010. Mr. Sholley , ran against Frank in 2008, and although Mr. Frank won the district, Mr. Sholley gained a foothold, garnering not only all the Republican votes, but a percentage of the Independent voters in the district. 2008 was not a friendly year toward any Republican and the 4th districts’ high percentage of voters are designated as “unenrolled” will make the 2010 campaign intersting. Therefore, Mr. Frank may have to actually campaign in his district, with the outcome, this time, uncertain. Therefore, to the irate editorial columnist at the Kansas City Star: take Heart, there is hope in Massachusetts that real Change is possible. A return to fiscal sanity and less Federal intervention – for more information on Mr. Sholley, visit Sholley For Congress.