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Barney Frank, the sharp-witted Massachusetts lawmaker who was a key architect of the financial reform law passed in 2010, announced Monday that he will retire from Congress next year after serving 16 terms in the lower chamber, citing a redrawn district that would make for a difficult re-election campaign and a polarized Congress.

"I was planning to run again, and then the congressional redistricting came," the 71-year-old lawmaker said at a press conference in Newton, Mass. “It would have been a tough campaign. I would have a hard time justifying to myself to do it.” 

Massachusetts lost one congressional seat per the U.S. Census results, and Frank's 4th District was redrawn. The district lost some white working-class territory and added some suburban areas, which could make it more competitive for Republicans. Frank also cited the rigors involved in introducing himself to new constituents. The congressman endured his most difficult re-election battle last cycle; he defeated Sean Bielat, a Marine Corps reservist, by 11 points, taking 54 percent of the vote. Republican physician Elizabeth Childs is running for the seat in 2012.

Frank, one of the best-known lawmakers not in the Democratic leadership, has been a key White House ally and a frank  and divisive voice in the House. "This country has never had a Congressman like Barney Frank, and the House of Representatives will not be the same without him," President Obama said in a statement. "It is only thanks to his leadership that we were able to pass the most sweeping financial reform in history designed to protect consumers and prevent the kind of excessive risk-taking that led to the financial crisis from ever happening again."

As chairman of the Financial Services Committee, Frank co-authored the Wall Street reform law that became known as Dodd-Frank and that has been a target of Republicans who want to see it repealed. The bill's co-author, Sen. Chris Dodd, retired in January. Frank has been the ranking member of the Financial Services Committee since Republicans took control of the House.

On Monday, Frank pledged to continue to "protect" the legislation from the Republican majority in the House. He also said he'd remain active in politics, though "I will neither be a lobbyist nor a historian," he said in a direct jab at GOP presidential candidate and former House Speaker Newt Gingrich, who described his paid work for the troubled mortgage giant Freddie Mac as that of a historian. He took another swipe at Gingrich (who earlier this year suggested Frank be jailed for his financial policies), saying, "I do not think I have lived a good enough life to be rewarded by Newt Gingrich being the nominee" -- suggesting that such an outcome would be a blessing for Democrats and President Obama's re-election chances.

Frank also said the odds against Democrats retaking the House did not have an impact in his decision to retire, dismissing the theory that not being able to become chairman of the Financial Services Committee again was a factor; in fact, he called his chairmanship "the hardest four years of my life."

Rep. Steve Israel of New York, who leads the group tasked with getting Democrats elected to the House, expressed  confidence in Democrats' chances of keeping Frank's seat. "This is a strong Democratic district that President Obama won with 61 percent and Senator John Kerry won, and we look forward to electing a Democrat next November who will create jobs, protect the middle class and the Medicare guarantee for seniors rather than tax breaks for billionaires," Israel said in a statement. But, he said, "Congress will not be the same without him."

Asked by reporters to define his legacy after a three-decade career in the House, Frank said simply: "People should leave their legacies to other people to describe."