Congressman Barney Frank (D-MA), a long-serving member of the powerful House Financial Services Committee, will not seek reelection, according to published reports Monday morning.
He planned to explain his reasoning during a press conference later Monday, sources reported.
Frank has served Massachusetts’ fourth Congressional district since 1981, and is the first openly gay member of Congress.
Over his long career, he has played an instrumental role in passing significant legislation such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which imposed regulations on how financial firms trade in risk-laden derivatives markets, leveraged capital requirements for banks that carry more debt than assets, and mandated the creation of a Consumer Financial Protection Bureau.
He previously served as a member of the Massachusetts House of Representatives.
Photo: Flickr user Payton Chung.