BREAKING: Barney Frank won't seek re-election in 2012, his office says.

He’s expected to make a formal announcement at a press conference at 1 p.m. ET on Monday. One of the few openly gay members of Congress in its history, the Massachusetts congressman gained great influence over his 16 terms, especially on financial issues — with one of his most notable contributions being last year’s Dodd–Frank Wall Street Reform and Consumer Protection Act, which he helped build along with former Sen. Christopher Dodd.