Franks served as President of the Health Care Institute of New Jersey. There was speculation he might run again for Congress when his successor, Mike Ferguson, announced in 2007 that he would not seek reelection in 2008. However, Franks then declined to run, saying "Representing the people of Central New Jersey in the House of Representatives from 1993 to 2001 was one of the important and rewarding experiences of my life; however I find my work at the HealthCare Institute of New Jersey very fulfilling and I'm enjoying nights and weekends with my family... I have no desire to run for Congress next year."