Bloomberg View: A Congressional Character Exits the Stage; Rakoff Strikes Again

After 16 terms in Congress, Barney Frank will be remembered for three things. First, for being an out-of-the-closet gay man at a time when there weren’t any others holding national elected office. (Frank was first elected in 1980 and came out in 1987.) Second, for being the co-author of the Dodd-Frank financial reform bill, passed in response to the near-collapse of the nation’s financial system in 2008. Dodd-Frank will either save us from a new financial catastrophe or bring one on, depending on whom you talk to. We hold something closer to the former view.

Third, but not least, Frank will be remembered as the author of some of the great wisecracks in the history of American politics, including his remark that anti-abortion Republicans believe life begins at conception and ends at birth. Other barbs were aimed at his nemesis, Newt Gingrich. At the news conference announcing his retirement, Frank said he didn’t think he’d led a good enough life to see Gingrich win the Republican nomination for President, but he still had hopes.