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Washington (CNN) -- U.S. Rep. Barney Frank, a prominent 16-term liberal Democrat from Massachusetts 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, 71, 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 in 1980, 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.

Launching his career as an aide to Boston Mayor Kevin White in the late 1960s, Frank quickly became known for an acidic political wit.

Frank's district -- which extends from the affluent, liberal Boston suburbs of Newton and Brookline to the blue collar port cities of New Bedford and Fall River -- 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%.

Barney Frank not seeking re-election in 2012 - CNN.com