House Financial Services Committee Chairman Rep. Barney Frank speaks while Federal Reserve Chairman Ben Bernanke offers testimony on Capitol Hill in Washington, July 22, 2010.Alex Brandon/AP
Barney Frank, the forthright former Massachusetts congressman who championed Wall Street overhaul and was among the earliest openly gay congressmen, has passed away at the age of 86, sources informed ABC News.
Frank's sister, Doris Breay, told ABC affiliate WCVB in Boston that Frank passed away Tuesday evening.
"He was a remarkable brother, and I was fortunate to have him as my brother," she mentioned.
The Democratic legislator represented Massachusetts' 4th Congressional District for more than three decades and was the chairman of the influential House Financial Services Committee from 2007 to 2011. He was a key co-author of the 2010 Dodd-Frank Act, which was legislated in response to the 2008 economic downturn.
Rep. Barney Frank speaks at his news conference concerning his retirement, Nov. 29, 2011, on Capitol Hill in Washington.Pablo Martinez Monsivais/AP
Frank declared he would not seek reelection in 2012 as a result of redistricting issues and departed from his post the following year. He acknowledged that revealing his homosexuality at age 47 would define his career.
"The greatest remedy for prejudice is reality, since prejudice by its very nature is rooted in ignorance," Frank remarked to reporters. "I am proud of my eventual coming out – I was 47. It didn't transpire in a single motion, but when I intentionally decided to come out in 1987, I truly believe it proved beneficial."
Born in Bayonne, New Jersey, to a Jewish family, Frank attended Harvard College and Harvard Law School, and he was elected as a state representative in Massachusetts in 1972. He garnered attention during this period for unsuccessfully supporting legislation to legalize prostitution in Boston's red light zone.
Frank was elected to the U.S. House of Representatives in 1980, a position he occupied for over 30 years.
Senate Banking Committee Chairman Sen. Christopher Dodd and House Financial Services Committee Chairman Rep. Barney speak to reporters outside the White House in Washington, May 21, 2010, after meeting, President Barack Obama.Susan Walsh/AP
In 1987, Frank became the first sitting member of Congress to publicly acknowledge being gay. He continued advocating for LGBTQ rights throughout his congressional tenure, campaigning for the legalization of same-sex marriage, the right to openly serve in the military and reinforcing employment discrimination statutes.
He led the House Financial Services Committee while Democrats held the majority from 2007 to 2011, overseeing the financial sector during one of the most unstable economic eras in U.S. history.
Frank was crucial in steering the Wall Street bailout through Congress in 2008. He, together with former Sen. Chris Dodd, had their names affixed to a comprehensive Wall Street regulatory bill that was enacted by President Barack Obama in 2010.
The Dodd-Frank Act established strict new regulations on the financial sector as a means of preventing future mortgage crises. It also established a new Consumer Financial Protection Bureau to protect Americans from large corporations.
Republicans denounced the legislation as an overreach of Washington, and in 2018, new legislation enacted by President Donald Trump reversed several requirements.
Prominent Democrats remembered Frank as a "trailblazing" champion and reformer.
"We are a superior Caucus and country thanks to Barney Frank’s steadfast leadership and directness," stated House Democratic Leader Hakeem Jeffries. "Although we are fortunate to have numerous memorable witticisms to recall him by, the House Democratic Caucus family will profoundly miss Barney and grieve alongside his loved ones during this difficult period."
"Barney Frank was one of a kind," Obama commented in a statement. "For over three decades in Congress, he resolutely advocated for the people of Massachusetts, contributed to making housing more accessible, championed the rights of LGBTQ+ Americans, and assisted in the passage of one of the most extensive financial reforms in history crafted to safeguard consumers and avert another financial meltdown. Barney’s fervor and humor were unparalleled, and our thoughts are with his family at this time."
Frank is survived by his husband Jim Ready, whom he wed in 2012, making him the first member of Congress to enter into marriage with an individual of the same sex while in office.
-ABC News' John Parkinson, Lauren Peller, Rick Klein and Luke Barr contributed to this report.
Sourse: abcnews.go.com