Barney Frank, gay rights icon and architect of bank rules, dies at 86

Former Rep. Barney Frank (D-Mass.), a driving force behind far-reaching Wall Street reforms following the 2008 financial crisis, died Tuesday night, according to Frank’s former campaign manager. He was 86.

The big picture: With a sharp wit and pugnacious outspokenness, Frank became a liberal icon in his three decades in the House. He was an architect of the landmark Dodd-Frank Act and a trailblazer for the LGBTQ+ community as an openly gay member of Congress.

Driving the news: Jim Segel, Frank’s former campaign manager and friend for over 60 years, tells Axios Frank died Tuesday night.

• Segel on Wednesday talked to Frank’s brother, who confirmed his passing.
• “He notified everybody that he was in hospice, so it was just a matter of time. He was certainly at peace with himself,” Segel says.
• “He certainly left a mark, and he was a leader on on civil rights, on gay rights, on leading other marginalized communities, and then he helped the country get through the 2008 financial crisis, which was the most significant recession, depression, almost since 1930. So, I think he was a very, very important actor in the country during those times,” Segel says.

Context: The former lawmaker gave a number of final media interviews from hospice care, warning his party to focus more on “politically survivable” issues and not use the most progressive causes as “litmus tests.”

Flashback: The Dodd-Frank Act, named for Frank and Sen. Chris Dodd (D-Conn.), was a historic overhaul of banking regulations in response to the subprime mortgage crisis that helped trigger the 2008 Great Recession.

• It established new regulatory bodies — including the Consumer Financial Protection Bureau — and limited banks’ ability to make high-risk investments.
• In 2018, President Trump signed a law that preserved the framework of Dodd-Frank but loosened restrictions on banks.

A champion of progressive policies, Frank advocated for an end to the “don’t ask, don’t tell” policy, allowing gay and lesbian military members to serve openly.

• He was also a key sponsor of the Employment Non-Discrimination Act, which has not passed but would protect LGBTQ+ workers from discrimination and harassment.

Yes, but: For all his work on gay issues, Frank had a more strained relationship with the transgender community and his nondiscrimination act would have excluded transgender people.

• In interviews given during his final weeks, Frank said he supports efforts to ensure transgender rights but argued that Democrats shouldn’t make support for transgender women in sports a “litmus test” for entire party.

Frank came out publicly in 1987 and became the first member of Congress in a same-sex marriage in 2012. Frank is survived by his husband, Jim Ready.

• “There was just no — there was no possibility of being openly gay and having any kind of an impact on the rest of the society,” he told PBS News Hour while reflecting on his groundbreaking career in 2015.

Catch up quick: Frank retired from Congress in 2013. In the following years, he served on the board of Signature Bank, which was shut down by regulators in 2023.

• Asked by The Washington Post in 2015 if he missed Washington, Frank said he did not — but that he missed many friends.
• Frank’s favorite tool to cut through the noise of Congress and get things done was simple: humor.
• “How do you stand out among equals?” he told The Post, comparing the halls of Capitol Hill to high school. “How do you become more influential in a body in which you have no formal legal influence? Humor is a part of that.”

A memorial service for Frank in Boston is “being planned,” and there is discussion of holding another one in Washington D.C., Segel says.

Go deeper: Yellen shoots down Trump claim that Dodd-Frank dampens lending

المصدر: Axios