Rep. Frank Loans $200,000 to His Own Campaign

Democratic Rep. Barney Frank has loaned his own re-election campaign $200,000, saying he needs to defend himself against “outside attacks.” Frank, who is trying to return to the House for a 16th term, was instrumental in orchestrating the passage of President Barack Obama's financial reform legislation earlier this year. According to the Wall Street Journal, Frank defended his loan by issuing this statement:

“I am lending these funds to my campaign in order to defend against outside attacks from organizations which take advantage of loopholes in campaign finance law. I do not intend to be ambushed by the kind of right-wing smears that assailed John Kerry in 2004 and that led to the defeat this year of responsible Republican members of Congress whose records were badly distorted by tea party-backed candidates.”

Frank has a 12-point lead over his Republican opponent, Sean Bielat, in a poll released Friday. The survey of Massachusetts by WPRI-TV shows Frank with 49 percent of the vote and Bielat with 37 percent. Another 12 percent are undecided.

Bielat is an Iraq war veteran, who currently works as an independent consultant. On his website he says he favors “a tax code where an individual pays no income tax on earnings up to the poverty line and pays only a relatively low flat tax above that level.” He also supports “reducing the burden of corporate income tax rates, employer mandates and unnecessary regulation.”