WASHINGTON--Sen. Chris Dodd, D-Conn., said today that he had decided to remain as chairman of the Senate Banking Committee "to build an economy that is strong and in which every American has the opportunity to succeed."
He also said that revising regulation of the financial services industry will be a top priority of his committee in the coming year," but that he wants to make sure "we act carefully" adding, "the danger in moments like this is that we overreact."
Regulatory modernization, he said, including consumer protection, will be "our first legislative objective."
But, he said, "it will not be our exclusive objective."
Regarding the new Obama administration, he suggested that President Bush officially nominate President-elect Obama's choice for Treasury secretary so that Congress could confirm the pick during the lame duck session scheduled for the week of Nov. 17.
The Senate Banking Committee has jurisdiction over the Treasury Department and would process the nomination.
Sen. Dodd's announcement ended speculation that he would leave the committee in the hands of Sen. Tim Johnson, D-S.D., who had been designated by Senate Majority Leader Harry Reid, D-Nev., to take over the panel if Sen. Dodd decided to take another chairmanship.
The senator could have assumed chairmanship of the Foreign Relations Committee, a slot which will open when Sen. Joseph Biden, D-Del., assumes the vice presidency.
Sen. Dodd said that he wants to create a "21st Century financial architecture that spurs competition domestically and ensures that our financial institutions are properly capitalized, regulated and supervised."
He also said that he would move to strengthen consumer protections in the areas of mortgage lending, credit card lending and investor rights..."
Sen. Dodd also had the seniority to take over the Health, Education, Labor and Pensions Committee, which is now headed by the ailing Sen. Edward Kennedy, D-Mass.
Reacting promptly to Sen. Dodd's decision, Marc Racicot, president of the American Insurance Association, said AIA "are pleased that Senator Dodd has chosen to stay on as chairman of the Senate Banking Committee.
"Senator Dodd understands the enormous complexities involved in dealing with the global financial markets and its regulatory structure," he said.
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