|"My work is done. Mission Accomplished"|
The Massachusetts congressman, who helped create the financial collapse of 2007, had long been rumored to be ready for retirement.
He was previously chairman of the House Financial Services Committee but is now ranking member since Democrats lost the majority in the 2010 midterm election.
Congressman Frank helped destroy the U.S. economy by relentlessly pressuring America's two mortgage giants, Fannie Mae and Freddie Mac, to make $1 trillion in bad home loans.
He gradually lowered the lending standards of Fannie Mae and Freddie Mac, and because Fannie and Freddie were willing to buy up every other bank's home loans, the Barney Frank low standards at Fannie and Freddie became the disastrously low standards of every major American lender.
Fannie Mae lied about its profits, intimidated adversaries, bought off members of Congress with lavish contributions, hired (and thereby co-opted) academics, purchased political ads (through its foundation) and stacked congressional hearings with friendly bankers, community activists and advocacy groups (including ACORN). Fannie Mae also hired the friends and relations of key members of Congress (including Rep. Barney Frank's partner).
|Barney and his spouse are looking forward to retirement|
Frank, 71, was first elected to the House in 1980, and is one of the first lawmakers to announce he is homosexual.
He lives in Newton, Mass., with his partner Jim Ready.