Embattled Sen. Christopher J. Dodd (D-Conn.) has scheduled a news conference for Wednesday at which he is expected to announce he will not seek reelection, sources familiar with his plans said Tuesday night.
Word of Dodd's retirement plans comes after months of speculation about his political future, his faltering poll numbers and a growing sense among the Democratic establishment that he could not win a sixth term in the Senate. The news also came on the same day Sen. Byron L. Dorgan (D-N.D.) announced he would not seek reelection.
Once among the safest of incumbents, Dodd's political star fell over a two-year period, during which he moved his family to Iowa to pursue the 2008 Democratic presidential nomination and was linked to a VIP mortgage loan program overseen by a controversial Wall Street financier. He also drew harsh questions about his oversight of Wall Street, as chair of the Senate Banking Committee, in the years when the nation's financial system was heading toward near collapse.
Dodd's poll numbers plummeted last spring before rebounding somewhat over the summer. But another dive in the polls late last year led to widespread concern that Dodd needed to vacate the seat for Democrats to have a chance at retaining it in the 2010 elections.
Dodd's troubles were politically ironic, coming at a time when his power on Capitol Hill had reached a height that most legislators only dream of. In addition to the banking committee, he also held pivotal posts on the health and foreign relations committees.
Over the past 18 months, he has been the primary author or co-author of legislation rewriting housing mortgage rules; the $700 billion bailout of Wall Street; key portions of the $787 billion stimulus package; a consumer protection bill overseeing the credit card industry; and the nearly $900 billion health-care legislation that has passed the Senate and is in final negotiations with the House now.
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