Rep. Barney Frank (D-MA) prepares to testify before the Senate Banking, Housing and Urban Affairs Committee hearing on Enhanced Oversight After the Financial Crisis: The Wall Street Reform Act at One Year on Capitol Hill in Washington, July 21, 2011.
U.S. Rep. Barney Frank Reuters

(Reuters) - Democratic Representative Barney Frank, who helped to craft the landmark overhaul of financial regulations that bears his name, will not seek re-election in 2012, Democratic aides said on Monday.

Frank, who has represented his Massachusetts district since 1981, will hold a 1 p.m. EST/1800 GMT news conference to discuss the decision, aides said.