Barney Frank, architect of Dodd-Frank banking reform, dies at 86

Barney Frank, a former U.S. Congressman, died Tuesday night at the age of 86. The Democratic Party leader was battling congestive heart failure, which might be the potential cause of his death.

One of the most influential political figures of his era served in the United States (U.S.) for over 30 years. Frank played a significant role in formulating regulations for Wall Street recovery post the 2008 financial crisis.

He was widely regarded as one of the architects of the Dodd-Frank Act.

For the unversed, the Dodd-Frank Act was a sweeping banking reform package passed after the collapse of major financial institutions and global economic panic. 

The act, often considered the most controversial in modern American history, increased federal monitoring powers over the banks, tightening oversight.

In one of his final interviews, Frank blamed decades of political battles and public life as the reason behind his “heart weaning out.” He entered hospice care earlier this year at his home in Maine.

The former Massachusetts politician was known for his blunt speaking style and aggressive debates on Capitol Hill. He remained an influential figure in the party even after retiring from Congress in 2013.

He is survived by his family and close relatives.