Washington (CNN) -- Massachusetts Congressman Barney Frank, a prominent 16-term liberal Democrat and arch-enemy of political conservatives nationwide, will announce Monday he does not intend to seek re-election in 2012, according to a statement from Frank's office.

Frank will hold a news conference in his district to discuss the decision at 1 p.m.

Frank, first elected to the U.S. House of Representatives, currently serves as the top Democrat on the powerful House Financial Services Committee. Among other things, he co-authored the 2010 Dodd-Frank financial regulatory reform bill. The measure, designed to rein in Wall Street excesses in the wake of the 2008 financial collapse, passed the House without any GOP support.

The veteran congressman made headlines earlier in his career by becoming one of the first openly gay members of Congress. He was formally reprimanded by the House in 1990 for allegations relating to his association with a male prostitute.

Frank's district, centered around the liberal Boston suburbs of Newton and Brookline, is considered safe Democratic political terrain. Frank did, however, receive an unusually strong challenge from Republican Sean Bielat in 2010.

Frank ultimately defeated Bielat, 54% to 43%

Source:  http://politicalticker.blogs.cnn.com/2011/11/28/rep-barney-frank-wont-seek-re-election/