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Frank not interested in chairing Federal Reserve

Former lawmaker cites age, GOP opposition as reason he’d decline

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Barney Frank, gay news, Washington Blade, Democratic Party, Massachusetts

Barney Frank (Blade file photo by Michael Key)

President Obama has yet to make a decision on who he’ll name as the next chair of the Federal Reserve, but one financial guru not interested in the job is retired gay Rep. Barney Frank.

Frank, who formerly represented Massachusetts as the longest-serving openly gay member of the U.S. House, told the Washington Blade on Tuesday he has no interest in the job.

“It’s not on anybody’s radar screen,” Frank said. “If it were offered it, I would not be interested. It’s a 14-year term. I’m 73 years old. It ought to be a felony for a 73-year-old to accept a 14-year term, and I’m just tired out after 45 years.”

Some see Frank as a good fit as for chair of the Federal Reserve because he served as chair of the House Financial Services Committee and took a lead role in crafting financial reform legislation commonly known as Dodd-Frank.

But Frank said he also doesn’t have the expertise to head up the governmental institution responsible for serving the central banking system of the United States.

“To be honest, I am not an economist and I’ve studied a lot of stuff, but I think you have to be a better technical economist than I am to even be considered,” Frank said.

Further, Frank said “there’s no remote possibility” that Obama would name him for the position because Republicans would obstruct his confirmation in the Senate.

“Given the fear that most Republican senators have of alienating the right-wing who vote in their primaries, there’s no way any of them would want to be accused of having supported me,” Frank said. “Voting for a chair of the Federal Reserve in a same-sex marriage would be toxic in their primaries.”

Speculation on who would be named the next chair of the Federal Reserve intensified on Sunday after Larry Summers, former director of the White House National Economic Council, withdrew his name from consideration before Obama named anyone to the post.

White House Press Secretary Jay Carney said Tuesday Obama hasn’t made a decision on who’ll be the nominee and the selection process is ongoing.

“And obviously Larry Summers has asked not to be considered and the process moves forward,” Carney said. “And when the president has an announcement, that’s when you’ll hear what his decision is.”

Another widely cited possibility as successor for outgoing chair Ben Bernanke is Janet Yellin, vice chair of  the Federal Reserve. According to the Huffington Post, she’s already received an endorsement from Sen. Chuck Schumer (D-N.Y.).

Frank said he backs the idea of selecting a nominee such as a woman or an openly gay person who would break the glass ceiling for a minority group.

“I think that’s true of any position,” Frank said. “I think diversifying beyond straight white guys is a good thing. It’s great President Obama has made some progress on that. But yeah, I’m sorry Chris Quinn didn’t get elected mayor of New York. I was a believer.”

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Congress

Congress passes ‘Big, Beautiful Bill’ with massive cuts to health insurance coverage

Roughly 1.8 million LGBTQ Americans rely on Medicaid

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U.S. House Speaker Mike Johnson (R-La.) (Washington Blade photo by Michael Key)

The “Big, Beautiful Bill” heads to President Donald Trump’s desk following the vote by the Republican majority in the U.S. House of Representatives Thursday, which saw two nays from GOP members and unified opposition from the entire Democratic caucus.

To partially offset the cost of tax breaks that disproportionately favor the wealthy, the bill contains massive cuts to Medicaid and social safety net programs like food assistance for the poor while adding a projected $3.3 billion to the deficit.

Policy wise, the signature legislation of Trump’s second term rolls back clean energy tax credits passed under the Biden-Harris administration while beefing up funding for defense and border security.

Roughly 13 percent of LGBTQ adults in the U.S., about 1.8 million people, rely on Medicaid as their primary health insurer, compared to seven percent of non-LGBTQ adults, according to the UCLA School of Law’s Williams Institute think tank on sexual orientation and gender identities.

In total, the Congressional Budget Office estimates the cuts will cause more than 10 million Americans to lose their coverage under Medicaid and anywhere from three to five million to lose their care under Affordable Care Act marketplace plans.

A number of Republicans in the House and Senate opposed the bill reasoning that they might face political consequences for taking away access to healthcare for, particularly, low-income Americans who rely on Medicaid. Poorer voters flocked to Trump in last year’s presidential election, exit polls show.

A provision that would have blocked the use of federal funds to reimburse medical care for transgender youth was blocked by the Senate Parliamentarian and ultimately struck from the legislation — reportedly after the first trans member of Congress, U.S. Rep. Sarah McBride (D-Del.) and the first lesbian U.S. senator, Tammy Baldwin (D-Wis.), shored up unified opposition to the proposal among Congressional Democrats.

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Congress

Ritchie Torres says he is unlikely to run for NY governor

One poll showed gay Democratic congressman nearly tied with Kathy Hochul

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U.S. Rep. Ritchie Torres (D-N.Y.) (Washington Blade photo by Michael Key)

Gay Democratic Congressman Ritchie Torres of New York is unlikely to challenge New York Gov. Kathy Hochul (D) in the state’s next gubernatorial race, he said during an appearance Wednesday on MSNBC’s “Morning Joe.”

“I’m unlikely to run for governor,” he said. ““I feel like the assault that we’ve seen on the social safety net in the Bronx is so unprecedented. It’s so overwhelming that I’m going to keep my focus on Washington, D.C.”

Torres and Hochul were nearly tied in a poll this spring of likely Democratic voters in New York City, fueling speculation that the congressman might run. A Siena College poll, however, found Hochul leading with a wider margin.

Back in D.C., the congressman and his colleagues are unified in their opposition to President Donald Trump’s signature legislation, the “Big Beautiful Bill,” which heads back to the House after passing the Senate by one vote this week.

To pay for tax cuts that disproportionately advantage the ultra-wealthy and large corporations, the president and Congressional Republicans have proposed massive cuts to Medicaid and other social programs.

A provision in the Senate version of the bill that would have blocked the use of federal funds to reimburse medical care for transgender youth was blocked by the Senate Parliamentarian and ultimately struck from the legislation, reportedly after pressure from transgender U.S. Rep. Sarah McBride (D-Del.) and lesbian U.S. Sen. Tammy Baldwin (D-Wis.).

Torres on “Morning Joe” said, “The so-called Big Beautiful Bill represents a betrayal of the working people of America and nowhere more so than in the Bronx,” adding, “It’s going to destabilize every health care provider, every hospital.”

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Congress

House Democrats oppose Bessent’s removal of SOGI from discrimination complaint forms

Congressional Equality Caucus sharply criticized move

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Treasury Secretary Scott Bessent (Washington Blade photo by Michael Key)

A letter issued last week by a group of House Democrats objects to Treasury Secretary Scott Bessent’s removal of sexual orientation and gender identity as bases for sex discrimination complaints in several Equal Employment Opportunity forms.

Bessent, who is gay, is the highest ranking openly LGBTQ official in American history and the second out Cabinet member next to Pete Buttigieg, who served as transportation secretary during the Biden-Harris administration.

The signatories to the letter include a few out members of Congress, Congressional Equality Caucus chair and co-chairs Mark Takano (Calif.), Ritchie Torres (N.Y.), and Becca Balint (Vt.), along with U.S. Reps. Nikema Williams (Ga.), Hank Johnson (Ga.), Raja Krishnamoorthi (Ill.), Delia Ramirez (Ill.), Joyce Beatty (Ohio), Lloyd Doggett (Texas), Eleanor Holmes Norton (D.C.), Josh Gottheimer (N.J.), and Sylvia Garcia (D-Texas).

The letter explains the “critical role” played by the EEO given the strictures and limits on how federal employees can find recourse for unlawful workplace discrimination — namely, without the ability to file complaints directly with the Employment Opportunity Commission or otherwise engage with the agency unless the complainant “appeal[s] an agency’s decision following the agency’s investigation or request[s] a hearing before an administrative judge.”

“Your attempt to remove ‘gender identity’ and ‘sexual orientation’ as bases for sex discrimination complaints in numerous Equal Employment Opportunity (EEO) forms will create unnecessary hurdles to employees filing EEO complaints and undermine enforcement of federal employee’s nondiscrimination protections,” the members wrote in their letter.

They further explain the legal basis behind LGBTQ inclusive nondiscrimination protections for federal employees in the EEOC’s decisions in Macy v. Holder (2012) and Baldwin v. Foxx (2015) and the U.S. Supreme Court’s decision in Bostock v. Clayton County (2020).

“It appears that these changes may be an attempt by the department to dissuade employees from reporting gender identity and sexual orientation discrimination,” the lawmakers wrote. “Without forms clearly enumerating gender identity and sexual orientation as forms of sex discrimination, the average employee who experiences these forms of discrimination may see these forms and not realize that the discrimination they experienced was unlawful and something that they can report and seek recourse for.”

“A more alarming view would be that the department no longer plans to fulfill its legal obligations to investigate complaints of gender identity and sexual orientation and ensure its
employees are working in an environment free from these forms of discrimination,” they added.

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