Senate Banking Committee Chair Dodd Not Seeking Reelection

January 15, 2010 — Sen. Chris Dodd (D-Conn.) announced January 6 that he would not seek reelection in November. He currently serves as the Chairman of the Senate Banking, Housing and Urban Affairs Committee.

Sen. Dodd, 65, entered national politics in the 1970s by serving three terms in the House of Representatives. He was elected to the Senate in 1980. In addition to his chairmanship in the Banking Committee, he also holds leadership roles in the health and foreign relations committees. Connecticut Attorney General Richard Blumenthal is expected to run for Dodd's seat.

Sen. Dodd is expected to release revised regulatory reform legislation following the Senate's return from recess, Jan. 19. He circulated a regulatory reform discussion draft in November 2009 that would have consolidated the functions of the four federal regulators that oversee banks into a new Financial Institutions Regulatory Administration. The discussion draft also included the creation of a CFPA. However, the Senate Banking Committee members urged Dodd to abandon his plan and resume drafting on a bipartisan basis. Since November, pairs of bipartisan Committee members have been working on various aspects of the bill.

NASCUS is meeting with Senate Banking Committee staff this week to discuss the forthcoming legislation.