A nod to Dodd

6 January 2010 By James Pethokoukis

The likely retirement of the Connecticut senator would hand the Senate Banking Committee over to a friend of the financial industry in 2011. It would also reduce the chances of tough financial regulation reform this year. 2010 is starting well for the masters of the universe.

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Senate Banking Committee Chairman Christopher Dodd will not seek reelection in November. Dodd, 65, and a former presidential hopeful, was the leading player in early 2010 for Democrats and Obama on sweeping regulatory reforms they hope will prevent a repeat of the global financial crisis.

Dodd's poll numbers have been weak. Republican rivals have criticized the 35year political veteran over his connections to the financial industry, including AIG, and two mortgages he got in 2003 from Countrywide Financial, once the nation's largest home lender.

Critics said these represented a conflict of interest since Dodd's committee oversees mortgage lenders. A Senate ethics investigation followed. In February 2009, Dodd said he acted properly, refinanced the mortgages, apologized to the people of Connecticut over the episode and made public all records related to the loans.

Dodd is trying to fashion a financial reform bill to match one produced last month by the House. He has parceled out key issues to bipartisan teams on the committee.

Democratic Senator Byron Dorgan also announced on Jan. 6 he would not seek another sixyear term. Polls showed that he, like Dodd, faced an uphill fight in November.

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