Responding to reports that Rep. Barney Frank (D-Mass.) will not seek reelection, Democratic National Committee Chairwoman Debbie Wasserman Schultz (D-Fla.) called the 71-year-old congressman a "historic pioneer in American politics" and a personal mentor.

"This is a man of incredible intellect. A powerhouse who has championed the rights of consumers in the financial services community," Wasserman Schultz said. "I really have a heavy heart today. I'm going to miss him terribly."

Wasserman Schultz, who frequently speaks on behalf of the Democratic Party, told reporters on Monday that while Frank's retirement was a major loss for the country, it was something he had been contemplating for a long time.

"He has got a lot of wonderful years left, and he absolutely deserves to enjoy life a little and take a little bit of a breather," she said.