Released: May 05, 2008

Unlikely allies forge winning strategy

Source: Lori Montgomery and David Cho, Washington Post (Free Registration)

One is a free-market Republican from Wall Street with roots in the rural Midwest and a passion for bird-watching. The other is a rumpled, union-hall Democrat from Bayonne, N.J., who once famously described himself as “a left-handed, gay Jew.”

About the only thing Treasury Secretary Henry M. Paulson Jr. and Massachusetts Rep. Barney Frank have in common is a Harvard degree. Yet the two have forged a remarkably productive relationship in the waning days of the Bush administration, steering complicated bills to overhaul two federal agencies through the Democratic House and shaping Washington’s response to the nation’s credit crisis.

Now that relationship is about to be tested. Frank, along with Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), is championing Washington’s most aggressive response to the rising tide of foreclosures that has dragged down the nation’s economy—a $300 billion plan to help thousands of distressed homeowners. The White House has declared its opposition to the bill. 

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