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Rep. Barney Frank to Retire

Rep. Barney Frank (D-Mass.), one of the primary authors of financial services reform legislation passed by Congress last year, says he will not return after his term ends in 2013. He will have served 32 years in Congress
November 29, 2011

Rep. Barney Frank (D-Mass.), one of the primary authors of financial services reform legislation passed by Congress last year, says he will not return after his term ends in 2013. He will have served 32 years in Congress.

Frank, 71, had said in February that he would run for re-election, but says he changed his mind after his district was changed to include several more conservative areas. “I was planning to run again and then the congressional redistricting came,” he said, adding that while he thinks he could have won, he was too old to campaign in a new district and to represent hundreds of thousands of new constituents. He says he will continue to be active politically. “I’m not retiring from advocacy of public policy,” he states, but added, “I will be neither a lobbyist [nor] a historian.”

Along with then-Senator Chris Dodd (D-Conn.), Frank shepherded through Congress sweeping financial services reform legislation that bears their name. He played a key role in securing reauthorization of the Terrorism Risk Insurance Act (TRIA).

Frank served four years as chairman of the House Financial Services Committee before becoming its Ranking Member after the 2010 election. During debate on legislation that created the Federal Insurance Office (FIO), Frank stepped in and shut down a last-minute attempt by then-Rep. Paul Kanjorski (D-Penna.) to greatly broaden the authority of the FIO. The NAIC and PIA lobbied against the Kanjorski effort to expand the FIO, which was scuttled with the help of Rep. Frank.

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