Rats jumping ship if you ask me!
The Hill
Rep. Barney Frank (D-Mass.) will announce Monday that he is not seeking re-election, ending a 32-year career in the House.
Frank, 71, is the top Democrat on the Financial Services Committee and the architect, with former Sen. Chris Dodd (D-Conn.), of the sweeping Wall Street regulatory reform law enacted in 2010.
He is scheduled to hold a press conference at 1 p.m. in his district, according to a spokesman, who said the congressman would announce at that time the reason for his decision. His retirement will deprive the House of one of its most colorful characters, a man known for his quick and often caustic wit.
Elected in 1980, Frank survived scandal early in his career and rose to become the nation’s most powerful openly-gay elected official. After coming out publicly, he became a champion for gay rights and helped campaign for an end to the military’s ban on gays serving openly, which ended this year.
His legislative legacy is likely to be the Dodd-Frank financial reform bill that passed in 2010 in the wake of the Wall Street meltdown that sent the economy into a tailspin in 2008. Hailed by the Obama administration, the law has drawn sharp criticism in the Republican presidential nomination fight, and one leading contender, former Speaker Newt Gingrich (R-Ga.), even suggested that Frank be jailed, along with Dodd, for their support of the mortgage giants Fannie Mae and Freddie Mac in the lead-up to the financial crisis.
Massachusetts lost one House seat in the redistricting process, meaning two members of the all-Democratic delegation would have had to face one another. But Rep. John Olver’s (D-Mass.) retirement announcement in October saved lawmakers from that scenario. Frank, who won reelection with 54 percent last cycle, was considered to have a safe reelection bid despite his district’s newly drawn lines, which make it more competitive.