Sen. Barney Frank, co-author of the controversial Dodd-Frank Financial Reform bill, has announced he will not seek re-election in 2012. Being 71 I can see why he would retire. As the first openly gay member of Congress I also applaud him in risks he’s taken and the fights he’s waged for equality, also. I also think some of the provisions in Dodd-Frank bill, which seeks to prevent another financial meltdown such as the one that threw us into this recession, will not happen again. I also dislike the bill because it has in many ways hurt consumers through measures that scare the Hell out of banks and lenders, thus making it more difficult for even good borrowers to get a home loan. Anyone who has gone through the home loan process in the past couple of years can attest to the increased documentation requirements by underwriters. Dodd-Frank has created an atmosphere of fear throughout the lending industry and nobody is willing to lay their livelihood and future on the line and are taking no chances on anyone, thus the industry is being over-cautious by crossing every “T” twice and dotting every “i” three times.
Here’s the article on CNN today: