Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, has announced he will not run for re-election.
His decision establishes former Gov. Mike Rounds, a Republican and an insurance agent, as the likely frontrunner to succeed him.
Rounds is considered the frontrunner because Mitt Romney won 66 percent of the vote in a state that has turned increasingly red over the last several years.
Tom Santos, American Insurance Association vice president for federal affairs, said, after Johnson announced his decision at a press conference, "We have greatly enjoyed working with Sen. Johnson in his capacity as chairman of the Senate Banking, Housing & Urban Affairs Committee. Sen. Johnson has a long record of supporting a healthy and competitive insurance marketplace and we look forward to continuing to work with him on issues important to the industry in this Congress."
Jimi Grande, senior Vice President of federal and political affairs for the National Association of Mutual Insurance Companies, said, "As he announces his retirement, NAMIC congratulates Sen. Tim Johnson for his years of public service."
Grande said Johnson has been a "champion for South Dakota and consumers across the country.
"His deep understanding of the issues and willingness to work across the aisle were vital to seeing passage of major reforms to the National Flood Insurance Program, and will be again as we seek reauthorization of the Terrorism Risk Insurance Act.
"We are grateful for his service and wish him the best as he leaves the Senate," he said.
If Democrats retain the Senate, Sen. Jack Reed, D-R.I., or Sen. Charles Schumer, D-N.Y., are considered the favorites to succeed Johnson as chairman of the Senate Banking Committee.
If Republicans should win the Senate, Sen. Mike Crapo, R-Idaho, or Sen. Richard Shelby, R-Ala., would likely become chairman.
It is expected that Shelby would became chairman of the Appropriations Committee if Republicans won control of the Senate even though he has served on the Banking panel since coming to the Senate in 1986.
Top Democratic candidates for Johnson's seat are his son, Brendan Johnson, 37, and former U.S. Rep. Stephanie Herseth Sandlin. Brendan Johnson has served as U.S. attorney for South Dakota since 2009. But the appointment was controversial because concerns were raised about his father's involvement in the process, South Dakota officials have indicated.
Johnson, 66, has been in Congress since 1986. He was elected to the Senate in 1996, and re-elected twice.
Johnson suffered a brain hemorrhage at work on Dec. 13, 2006, and underwent emergency brain surgery, a medically induced coma and months of grueling physical, occupational and speech therapy before returning to the Senate nearly nine months later.
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