Longtime Rep. Barney Frank, D-Mass., will announce Monday he is not seeking re-election, holding an afternoon press conference in Newton, Mass., to offer details behind his decision.

The 16-term lawmaker, whose name is emblazoned on the banking reform law that passed Congress last year, had long been rumored to be ready for retirement. He was previously chairman of the House Financial Services Committee but is now ranking member since Democrats lost the majority in the 2010 midterm election.

The Dodd-Frank law, a contentious set of provisions that Republicans say add layers of regulatory burdens without preventing potential future meltdowns, was made in response to the near collapse of the banking industry in 2008. Among other actions, it created a Consumer Financial Protection Bureau to oversee access to banking products and required listing ratios of executive pay to median employee salaries.

Frank, 71, was first elected to the House in 1980, and is one of the first lawmakers to announce he is homosexual.

Republicans made a valiant effort to knock off Frank in the last election cycle, nominating Sean Bielat, a 35-year-old businessman and former U.S. Marine, who had made waves, but had little chance of knocking off a powerful incumbent in a strongly Democratic leaning district.

President Obama won 61 percent of the vote there in 2008. Sen. John Kerry, the home state senator who ran for president in 2004, pulled in 62 percent in the district.

Frank is now the 18th House Democrat to flat-out retire or step aside to seek other office. Republicans have announced seven retirements this cycle.

Rhona Jukes This e-mail address is being protected from spambots. You need JavaScript enabled to view it 661 505-4335

Authors: Rhona Jukes

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