Representative Barney Frank (D., Mass.), founding father of the National Stonewall Democrats and chair of the House Financial Services Committee, announced his retirement today in a surprise departure from Congress.

At a press conference in Newton, Massachusetts Frank announced that he will retire after this congressional season and not seek a 17th term, leaving a trail of uncertainty over Democratic hopes to recapture the House next year.


The party will have a tough time replacing the brazen and charismatic champion of LGBT rights and financial reform.

To anyone unsure of Frank's commitment to equal rights, I'll tell you of a summer I attended a luncheon in D.C. where he keynoted. He spoke of the usual politics and financial reform, but when asked how he handled being an openly gay man in one of the most powerful positions in Washington, his true personality and an abrupt sense of humor broke through typical Washington rhetoric.

They, meaning the heads of banks, can call me a fag if they want, he said brashly. But they better not ask for a loan. As you can expect, the mostly LGBT audience erupted in both laughter and applause. There, I witnessed a fearless Frank, a champion for both country and identity.

More on Gay Life:The Barney Frank Rule

Frank's exit will be missed. Still, he leaves a legacy of the largest financial overhaul on Wall Street since the Great Depression and for years championed the outing of gay Republicans in what is dubbed "The Barney Frank Rule."

Franks says his retirement is purely pragmatic.

New congressional-district lines approved by the Massachusetts' legislature cut Frank's loyal constituency. The redraw would force the 71-years-old to campaign to thousands of new voters.

"I think I would have won but it would have been a tough campaign," Frank said. Ironically, the House Financial Services Committee chair says he hates raising money.