Dodd Won't Run Again, Financial Reform a Priority

Senate Banking Committee chairman Christopher Dodd, D-Conn. said he is not running for re-election in November and wants to spend his last year in office working toward passage of health care reform and financial services regulatory reform. "A year from this week our state will have a new United States Senator. In the meantime we have important work to do," Sen. Dodd said at a press conference. His decision to give up re-election makes its easier for the Connecticut senator to move to the center on regulatory reform issues. It also makes it easier for Republicans to compromise, since passage of a bill to regulate Wall Street and restructure the federal banking agencies will not be viewed as a victory for Sen. Dodd that could boost his re-election chances. One of Dodd's priorities is creating a new federal agency that is charged with protecting consumers from predatory lending and abusive financial products. Senate Banking Committee members are working on a bipartisan proposal that they want to unveil later this month. Sources indicated members are close to an agreement on a consumer protection agency that would have rulemaking authority, but leave enforcement powers with the banking regulators.