BOSTON – Barney Frank, the glib, fast-talking Democrat and long-time credit union supporter who lent his name to the landmark Dodd-Frank Financial Reform Bill will announce his retirement from Congress this afternoon.
Frank, 71, was chairman of the House Financial Services Committee when he helped craft the bill in response to the financial crisis of 2008-2010. He has served 16 terms in the House and was a staunch supporter of credit unions until they opposed the omnibus bill because of, among other things, its creation of a Consumer Financial Protection Bureau, which they saw as over-regulation. The two sides mended fences somewhat when Frank joined credit unions and banks last spring in seeking a delay in the bill’s provision on debit fee caps.
Frank, known as one of the most liberal members of Congress and one of its few openly gay members, will announce he won't run for reelection next year, is office confirmed.
The announcement comes a week after Massachusetts Governor Deval Patrick signed a law creating the new state congressional districts, which could create the specter of Frank running against another congressional incumbent.
