U.S. Representative Barney Frank today announced he will not seek reelection. He has held office for sixteen terms—thirty-two years—which reminds us of the fact that the system protects incumbents.
Frank notoriously dismissed warnings about Fannie Mae and Freddie Mac, and was the co-author of the ill-conceived Dodd-Frank Wall Street Reform and Consumer Protection Act. The National Taxpayers Union, in ranking Frank from 1992-2010, gave him a grade of “F” for fiscal policy every year except for two, when he soared to a “D.”
To paraphrase the classic country music song, “Sixteen Tons”:
Sixteen terms, and what do you get? More big government, deeper in debt.
