Frank chaired the House Financial Services Committee for four years, culminating in his sponsored the financial regulation overhaul known as “Dodd-Frank.”
Frank held a press conference in Newton, Mass. on Monday afternoon, where he formally announced the decision, according to news reports.
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.
Frank’s defense of Fannie Mae prompted critics to argue he helped fuel the subprime mortgage bubble, a charge he vigorously denied. Frank was a sometime ally of Ron Paul on issues regarding the Federal Reserve, calling for additional transparency at the central bank.
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