According to a CNN news report, 16-term Massachusetts congressman Barney Frank (D) will announce his plans not to seek re-election in 2012.
The announcement is expected at a 1 P.M. news conference this afternoon. Frank, 71, is a vocal liberal in the House of Representatives and known as one of the first openly gay members of Congress. He currently serves as the top Democrat on the House Financial Services Committee, and he co-authored the famous 2010 Dodd-Frank financial regulatory reform bill. The bill was designed to regulate Wall Street excess following the 2008 financial crisis.