Barney Frank Won’t Run for Reelection: Online Poker Sector Must Act Fast

The online poker and gambling industry as a whole is about to lose one of its greatest allies as Massachusetts Congressman Barney Frank has announced he will not be running for reelection in 2012.

The one time Chairman of the House Financial Services Committee has sponsored a number of bills that would have legalized and regulated online gambling in the United States.  The Democrat has helped paved the way for current legislation under consideration by both parties.  Congressman Frank once co-sponsored a bill legalizing Internet gambling with US Republican Presidential candidate Ron Paul. 

The 71-year-old openly gay Congressman has enjoyed what, at times, has been a controversial 32-year career in the House. 

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.

Frank has been a critic of aspects of the Federal Reserve system, partnering with some Republicans in opposition to some policies.

But his legislative legacy is likely to be the Dodd-Frank financial reform bill that passed in 2010 in the wake of the Wall Street meltdown that sent the economy into a tailspin in 2008, according to TheHill.com’s Erik Wasson.

Frank has been quoted as saying he and Ron Paul "first bonded because we were both conspicuous nonworshipers at the Temple of the Fed and of the High Priest Alan Greenspan.”

The Congressman has also survived personal scandal, once admitting to a lengthy relationship with a male hooker who ran a bisexual prostitution service out of Frank's apartment without his knowledge during the late 1980’s.

Frank will announce his decision at 1 pm EST.

- Chris Costigan, Gambling911.com Publisher