Sen. Hillary Rodham Clinton (D-N.Y.) announced Tuesday that Rep. Barney Frank (D-Mass.) has endorsed her presidential bid and will serve as an economic adviser to the campaign. [IMGCAP(1)]

Frank, the second-most senior member of the Bay State House delegation, is chairman of the Financial Services Committee and one of just two openly gay Members of Congress.

“I have from the beginning of this campaign believed that Hillary Clinton was the candidate best qualified to serve as President,” Frank said in a statement. He cited Clinton’s commitment to economic fairness and her civil rights record among the reasons he is supporting her.

The 14-term Congressman is the third member of the Massachusetts delegation to endorse in the presidential election, joining Reps. Jim McGovern (D) and Richard Neal (D) in the Clinton camp.

“I’m honored to have the support of one of the sharpest minds in Congress,” Clinton said.

Yes, Virginia, Allen Is for Thompson. Former Sen. Fred Thompson (R-Tenn.) announced Tuesday that former Sen. George Allen (R-Va.) will serve as a national chairman of Thompson’s presidential campaign and as campaign co-chairman in the Old Dominion.

“Fred Thompson has the conservative credentials and leadership qualities necessary to secure our borders, ensure our economic prosperity and protect us from growing global threats,” Allen said in a statement.

Until his defeat last year at the hands of now-Sen. Jim Webb (D), Allen was considered a top-tier presidential contender in 2008 and undoubtedly would have appealed to the same sector of the Republican electorate that Thompson is targeting now.

State Attorney General Bob McDonnell (R) and Allen will serve as Thompson’s Virginia co-chairmen. Ironically, both Allen and McDonnell are said to be eyeing gubernatorial runs in 2009.

“George Allen and Bob McDonnell have been great leaders for the people of Virginia and I am pleased to have the support of these good friends,” Thompson said. “We share the same conservative values and believe in the same first principles and I welcome their support as we carry our consistent conservative message along the campaign trail.”

—Josh Kurtz