|By Jeff Jeffrey|
|A.M. Best Company, Inc.|
Frank said in a press conference he faced a tough re-election campaign and "had a hard time justifying to myself to do it." He said he thought his work in
"To my disappointment, the leverage you have within the government has substantially diminished," Frank said, adding he does not intend to serve as a lobbyist.
Frank serves as the ranking Democrat in the influential
Once Frank's retirement becomes official, Rep.
Frank also co-authored the Dodd-Frank Act, which is among the most influential bills to come out of
Earlier this year, Frank addressed a number of insurance industry issues during remarks at the
FSOC is establishing criteria to be used in determining when institutions, potentially including insurance companies, should be designated as systemically important financial institutions. Those designated will be subject to heightened supervision and required to maintain detailed resolution plans to show they would be able to resolve themselves through bankruptcy if their fortunes spiral down.
Frank dismissed criticism that
"You've heard of the gift that keeps on giving. This is the gift that people keep on refusing," Frank said (Best's News Service,
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