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By Fifield in Washington, the Massachusetts congressman who was one of the architects of sweeping overhaul of US financial regulations, not seek re-election next year. The top Democrat on the House of Representatives’ financial services committee, Mr retire after 16 terms in Congress, his office said on Monday. The 71-year-old, known for his outspoken language and sharp turns of phrase, is due to hold a press conference in, Massachusetts at 1pm EST to “formally announce and answer questions about his decision not to run for re-election in ,” said Gural, his spokesman. Together with now-retired Democratic senator Dodd, Mr last year authored the Dodd Wall Street Reform and Consumer Protection Act, the largest change to financial regulation since the Great Depression, affecting almost every aspect of the US financial services industry. The act gave the government powers to wind down a failing “systemiy important” company, force more secretly traded derivatives into transparent markets, regulate “systemic risk” for the first time and better protect consumers from mis-sold products. Notably, it set up the Consumer Financial Protection Bureau, charging it with enforcing consumer protection laws and transferring powers from the Federal Reserve and other agencies which were widely seen to have failed previously in the task. Republicans were inherently suspicious of the CFPB, seeing it as an anti-business body that would swamp financial companies with new rules and paperwork. Republicans, who now control the House, have attacked of the measures in Dodd as “job killing” and have vowed to undo them. Financial industry players have criticised the new rules as too draconian, while liberals have said they do not go far enough to ensure that the financial industry does not cause a repeat of the crisis. Furthermore, the international agreement needed to make of the new tools effective has so far proved elusive. Mr, as ranking member on the House financial services committee, has continued to push for changes.
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