Democratic Rep. Barney Frank of Massachusetts is expected to announce Monday that he is retiring from Congress, closing out a career of more than three decades capped by passage last year of legislation imposing new regulations on Wall Street.
Frank's office says he will hold a 1 p.m. news conference in Newton, Mass. to make the formal announcement that he will not run for reelection in 2012.
A lifelong liberal, Frank, 71, was first elected to the House in 1980. He was one of the first lawmakers to announce that he is a homosexual.
As chairman, he helped shepherd to passage legislation that provided the most extensive overhaul of the nation's financial system in decades. The measure was a response to the near collapse of the banking industry in 2008 and disclosures about Wall Street practices that stirred mass anger.