WASHINGTON, June 22 (UPI) -- A conservative investment strategy helped shield Rep. Barney Frank, D-Mass., from being bruised by the battered stock market, his financial report indicates.
Frank, chairman of the House Financial Services Committee, put his $896,000 investment portfolio largely in state and local municipal bonds, the Boston Globe reported after reviewing the financial disclosure reports of Frank and other lawmakers.
"It's not just coincidence -- it's putting my money where my mouth is," said Frank, who has ripped Wall Street for risky financial behavior many blame for the swooning economy. "I made money while other people lost money."
While the stock market dropped by 28 percent last year over 2007, Frank's municipal bond investments earned him $42,000. He also took in more than $10,000 in capital gains from his only stock investment fund, Calvert Social Investment Fund.
Frank's overall investment portfolio dipped from about $1 million at the close of 2007 to slightly less than $900,000 at the end of 2008, the Globe reported. However, the decline was attributed to the congressman's decision to sell some bonds, not a drop in return.