Dodd explains decision to remain Banking chairman

Senate Banking Committee chairman Chris Dodd (D-Conn.) explained his decision to remain at his current post on Wednesday after he flirted with the idea of taking the late Sen. Ted Kennedy's (D-Mass.) gavel on the Senate Health, Education, Labor, and Pensions Commitee.

The fifth-term Democrat and close friend of Kennedy took to Twitter to echo comments made earlier today explaining his decision:

We have important work to do on the Banking Cmte for both Connecticut and our nation, and I intend to see it through as Chairman.

But I am pleased that I will be able to continue the role Sen Kennedy asked me to take on as the HELP Cmte's leader on health care reform.

Sen. Tom Harkin (D-Iowa), who formerly headed the Senate Agriculture Committee, will take Kennedy's chairmanship on the HELP Committee. Sen. Blanche Lincoln (D-Ark.) will replace Harkin on his old panel. 

Dodd handled Kennedy's duties as HELP chairman during the time he was ill from brain cancer and unable to serve.

Both committees will have a busy roles in the Senate as the year comes to an end.

The HELP Committee already passed its version of a healthcare reform bill and will likely continue to play a role in the negotiations. The Banking Committee soon may consider a swath of new financial regulations drafted by the Obama administration.

More in Finance

Democrats line up behind targeted Dodd-Frank tweaks

Read more »