Barney Frank Calls It Quits

So, the good news is that he's stepping down:

Rep. Barney Frank (D-Mass.) announced Monday that he will not seek reelection in 2012, ending a three-decade career in the House.

Frank, 71, is the top Democrat on the Financial Services Committee and the architect, with former Sen. Chris Dodd (D-Conn.), of the sweeping Wall Street regulatory reform law enacted in 2010.

He announced his decision at an afternoon press conference in his hometown of Newton, Mass., where he said redistricting played a major role in his retirement.

"I was planning to run again, and then congressional redistricting came," Frank said.

Frank's retirement will deprive the House of one of its most colorful characters, a liberal stalwart known for his quick and often caustic wit.

The bad news: Guess who's replacing him?

Wall Street executives are bracing for the possibility that Rep. Maxine Waters will take over as the top Democrat on the House Financial Services Committee after Rep. Barney Frank (D-Mass.) retires.

Waters, an outspoken California liberal who is considered to the left of Frank on financial and housing issues, suggested in a statement Monday that she is laying the groundwork to become the senior Democrat on the panel.

“As the next most senior member of the committee, the current ranking member on the Capital Markets subcommittee and the former chair of the Housing and Community Opportunity subcommittee, I hope to use my experience to continue and expand his work in the committee,” Waters said.

Let the games begin again...