Senate Banking Committee Chairman Chris Dodd, D-Conn., is expected to announce that he will not seek reelection next year, numerous media outlets report.
A five-term senator, Dodd has faced mounting criticism in his home state since his failed bid at a presidential nomination. As part of that campaign, which coincided with the fall 2008 financial meltdown, Dodd moved out of state, angering many Connecticut residents and sparking a ‘Dump Dodd’ movement, complete with bumper stickers.
Dodd's popularity took another hit when it was revealed that he had received a favorable mortgage from Countrywide as part of its VIP program (known in some circles as the ‘Friends of Angelo’ program, named after former Countrywide CEO Angelo Mozilo).
Dodd had been trailing GOP challenger Rob Simmons in Connecticut polls, but indicated as recently as Monday that he was staying the course.
‘Clearly, I'm glad the race isn't today, and the good news is, it's not,’ Dodd said, according to an MSNBC report.
The Associated Press reports that Connecticut Attorney General Richard Blumenthal will join the race, seeking the Senate seat as a Democrat.
It is unclear how Dodd's announcement will affect the financial reform legislation in the Senate.