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U.S. Representative Barney Frank, co-author of the biggest rewrite of Wall Street rules since the Great Depression, will retire instead of seeking re-election next year, according to a statement released by his office.

Frank, a Massachusetts Democrat, led the House Financial Services Committee during the 2008 credit crisis and was a top negotiator on the $700 billion banking-industry bailout. In 2009 and 2010, he was the lead House negotiator on what would become the Dodd-Frank Act — a 2,300 page overhaul of the U.S. financial regulatory system.

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