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Barney Frank, Leader of Regulatory Reform, to Retire

November 28, 2011
Congressman Barney Frank, chair of the House Financial Services Committee for four years and the leader of financial regulatory overhaul known as “Dodd-Frank" says he will not seek re-election in 2012.  The legislation which Frank helped draft was the biggest rewrite of Wall Street rules since the Great Depression. Frank, who has served in the House since 1981,  faced a potentially more difficult race in 2012, now that the 4th district has been redrawn to include more conservative towns Frank was first elected to Congress 1980. He won his last election in 2010 with 53 percent of the vote, a far narrower margin of victory than expected.
His departure sets the stage for Rep. Maxine Waters of California to take the helm as the most powerful Democrat on the House Financial Services Committee.