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Frank's Retirement Called 'A Seismic Event'06:44
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Rep. Barney Frank walks up to the microphone to announce he will not seek reelection in 2012, Monday in Newton, Mass. (AP)
Rep. Barney Frank walks up to the microphone to announce he will not seek reelection in 2012, Monday in Newton, Mass. (AP)

When Massachusetts Congressman Barney Frank steps down next year at the end of his term, his absense will be felt in his district as well as in the powerful House Financial Services Committee, where he is the ranking Democrat.

Binyamin Applebaum, Washington correspondent for the New York Times, says Frank's departure will be "a seismic event" for the committee, and for the state of financial regulation on Capitol Hill.

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This segment aired on November 28, 2011.

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