(WASHINGTON) -- Barney Frank, the outspoken former Massachusetts congressman who championed Wall Street reform and served as one of the first openly gay members of Congress, has died at 86, sources told ABC News.

Frank's sister, Doris Breay, told ABC affiliate WCVB in Boston that Frank died Tuesday night.

"He was a wonderful brother, and I was lucky to be his sister," she said.

The Democratic lawmaker represented Massachusetts' 4th Congressional District for over 30 years and served as chairman of the powerful House Financial Services Committee from 2007 to 2011. He was a leading co-sponsor of the 2010 Dodd-Frank Act, which was enacted in response to the 2008 financial crisis.

Frank announced he would not seek reelection in 2012 due to redistricting challenges and left office the following year. He admitted that coming out as gay at age 47 would define his career.

"The best antidote to prejudice is reality because prejudice by definition is based on ignorance," Frank told reporters. "I am proud by my finally coming out – I was 47. It didn't happen in a clean sweep, but when I volunteered finally to come out in 1987, I do think it was helpful."

Born in Bayonne, New Jersey, to a Jewish family, Frank attended Harvard College and Harvard Law School and was elected as a state representative in Massachusetts in 1972. He achieved notoriety during this time for unsuccessfully sponsoring a bill to legalize prostitution in Boston's red light district.

Frank successfully ran for the U.S. House of Representatives in 1980, a seat he held for more than 30 years.

In 1987, Frank became the first sitting member of Congress to come out as gay. He continued championing LGBTQ rights throughout his time in Congress, advocating for the legalization of same-sex marriage, the right to serve openly in the military and strengthening employment discrimination laws.

He chaired the House Financial Services Committee when Democrats were in the majority from 2007 until 2011, overseeing the financial industry during one of the most turbulent economic periods of U.S. history.

Frank was key in ushering the Wall Street bailout through Congress in 2008. He, along with former Sen. Chris Dodd, had their names attached to a sweeping Wall Street reform bill that was signed into law by President Barack Obama in 2010.

The Dodd-Frank Act placed tough new rules on the financial sector as a way to avoid future mortgage crises. It also enacted a new Consumer Financial Protection Bureau to protect Americans from large corporations.

The law was pilloried by Republicans as Washington overreach and in 2018, a new bill signed into law by President Donald Trump rolled back some requirements.

Prominent Democrats remembered Frank as a "trailblazing" advocate and reformer.

"We are a better Caucus and country because of Barney Frank’s relentless leadership and candor," said House Democratic Leader Hakeem Jeffries. "Though we are blessed with many memorable quips to remember him by, the House Democratic Caucus family will miss Barney deeply and mourn with his loved ones during this difficult time."

"Barney Frank was one of a kind," Obama said in a statement. "For more than three decades in Congress, he fought tirelessly for the people of Massachusetts, helped make housing more affordable, stood up for the rights of LGBTQ+ Americans, and helped pass one of the most sweeping financial reforms in history designed to protect consumers and prevent another financial crisis. Barney’s passion and wit were second to none, and our thoughts are with his family today."

Frank is survived by his husband Jim Ready, whom he married in 2012, making him the first member of Congress to marry someone of the same sex while in office.

-ABC News' John Parkinson, Lauren Peller, Rick Klein and Luke Barr contributed to this report.

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