Barney Frank will not seek reelection in 2012.
The LA Times reports that Rep. Frank's spokesman said on Monday that the influential lawmaker will bring an end to his 30-year stay in Congress.
Frank, 71, has scheduled a press conference for 1 p.m. ET to formally announce his decision and to take questions from the members of the press.
Frank, a Massachusetts Democrat, is the first openly gay member of Congress. Last year, Frank served as chairman of the House Financial Services Committee and was a major force behind the sweeping overhaul of financial regulations.
Read more about the career and legacy of Barney Frank here.