Former US Congressman Barney Frank, Key Financial Reformer, Dies at 86

Former US congressman Barney Frank, who famously took on Wall Street and was one of the first known openly gay representatives, died on Tuesday night, US media reports. He was 86.

Frank, a Democrat who represented southern Massachusetts in the House of Representatives for over three decades, had been in hospice care at his home in Maine since April.

He will be remembered as a trailblazer for LGBT rights, as the first member of Congress in a same-sex marriage, and for helping to overhaul financial regulations after the 2008 financial crisis.

"He was, above all else, a wonderful brother. I was lucky to be his sister," Frank's sister Doris Breay told NBC Boston.

"He notified everybody that he was in hospice, so it was just a matter of time. He was certainly at peace with himself," Jim Segel, Frank's former campaign manager, told Axios.

"He certainly left a mark, and he was a leader on civil rights, on gay rights, on leading other marginalised communities, and then he helped the country get through the 2008 financial crisis, which was the most significant recession, depression, almost since 1930," Segel said.

He was a major architect of the Dodd-Frank Act, which created new regulatory bodies and tightened restrictions on banks in the wake of the 2008 Great Recession.

The Dodd-Frank Act, named for Frank and fellow Democrat Sen Chris Dodd of Connecticut, was a historic overhaul of banking regulations in response to the subprime mortgage crisis that helped trigger the recession.

In 2010, then-President Barack Obama signed the legislation into law. In 2018, the Trump administration preserved part of the law while also loosening some restrictions - the "biggest rollback of bank rules" that decade, Time Magazine said at the time.

Former House Speaker Nancy Pelosi paid tribute to Frank on X, calling him "an exceptional legislator, whose name is synonymous with the strongest consumer financial protections in history and whose advocacy helped forge a fairer future for all of our children".

On Capitol Hill, Frank was a vocal supporter of ending the "don't ask, don't tell policy" that kept gay and lesbian US military servicemembers from serving openly.

"And the best way to counterbalance it is with a living example, with reality,"