(campaign2012.washingtonexaminer.com) Rep. Barney Frank, D-Mass., plans to announce today that he will retire from the House of Representatives after over 30 years.
As the top Democrat on the House Financial Services committee, Frank helped protect campaign contributor Fannie Mae and Freddie Mac from tougher oversight as they were pumping up the housing bubble that led to the financial collapse. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' the New York Times quoted Frank as saying in 2003. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Frank received $42,350 in campaign contributions from Fannie and Freddie between 1989 and 2008, according to the Center for Responsive Politics.