Monday, November 28,2011 :  Frank will not seek re-election
 
Massachuetts Rep. Barney Frank (D) will announce Monday that he won't seek re-election in 2012, sources told NBC News.
 
The longtime lawmaker from the Bay State's 4th congressional district was expected announce his retirement after 16 terms in the House at an afternoon press conference.
 
The ranking member of the House Financial Services Committee, Frank helped author the financial regulatory reform bill that passed through Congress in 2010, when Frank served as the panel's chairman. California Rep. Maxine Waters (D) is next in line to become ranking member of the committee.
 
Frank has long been a lightning rod in Washington, known for his characteristically blunt commentary on any and all current events. That's made him a favorite target of conservative Republicans, most recently former House Speaker Newt Gingrich, who suggested in his campaigning for president that Frank be jailed for his role in crafting policies that, Gingrich claims, led to the housing crisis.
 
Frank is one of only three openly gay members of Congress.