Barney Frank

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Barney Frank (born March 31, 1940) is an American politician who served as a member of the U.S. House of Representatives from Massachusetts from 1981 to 2013. A member of the Democratic Party, Frank was one of the most prominent openly gay politicians in the United States and a leading figure in national politics for over three decades.
As chairman, Frank was the House's chief architect of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which was signed into law in July 2010. In November 2011, Frank announced that he would not be seeking reelection in 2012.
== Background ==
=== Early Life and Education ===
Born as Barnett Frank in Bayonne, New Jersey, he grew up in a Jewish working-class family. Frank excelled academically and attended Harvard University, where he earned a B.A. in 1962. He continued his studies at Harvard, teaching undergraduate classes in government while working towards a Ph.D., though he left before completing the degree.
=== Political Career ===
Frank's political career began as chief of staff for Boston Mayor Kevin White. He has also taught at several Boston area universities. In 1972, he was elected to the Massachusetts House of Representatives, where he served until 1980. During this time, he also earned a J.D. from Harvard Law School in 1977.
In 1980, Frank was elected to the U.S. House of Representatives, representing Massachusetts's 4th congressional district. He quickly gained a reputation for his sharp wit and incisive commentary on policy issues, becoming a favorite of journalists in Washington, D.C.
 
As Congressman, Frank played a major role in the government's efforts to rescue the housing and financial markets in the global economic crisis of 2008. He took over the committee chairmanship after the midterm elections of 2006, when millions of Americans were buying homes with little money down and using subprime mortgages. As foreclosures soared in 2007, he drafted legislation to stop predatory lending practices and to help distressed homeowners. 
In 2008, Frank called for tougher regulation of the financial system, and worked with the Bush administration to provide aid to homeowners at risk of foreclosure. He helped draft the legislation for the Troubled Asset Relief Program to buy up mortgage-backed securities whose value had dropped, adding limits on executive pay and other changes.
===Dodd-Frank Act===
The Act, which was signed into law on July 16, 2011, consists of 16 "Titles" covering various areas of consumer protection and financial stability, including:
*the creation of new oversight entities including the Consumer Financial Protection Bureau (CFPB), Financial Stability Oversight Council (FSOC), and Orderly Liquidation Authority;
*the establishment of oversight responsibilities for swaps and OTC derivatives to the Commodity Futures Trading Commission and Securities and Exchange Commission;
*reform of mortgage and predatory lending practices; and
*the addition of layers of investor protection.
For more information, see the Dodd-Frank page in MarketsWiki or in MarketsReformWiki.
== References ==	
Category:U.S. Congress
Category:House Financial Services Committee
Category:Dodd-Frank Act
Category:MarketsWiki Page of the Day
Category:Former Government Officials