Two Democrats - Dodd And Dorgan - To Retire From Senate

Critics have argued that Dodd has been too close to financial interests, and he also has come under fire for getting a below-market-rate mortgage loan from Countrywide Financial Corp., Calabasas, Calif., a troubled mortgage lender now owned by Bank of America Corp., Charlotte, N.C.

Dodd acknowledged that strong criticism of the loan, and Republican complaints that he is responsible for the insolvency of mortgage lenders Fannie Mae and Freddie, have affected him politically.

Dodd was told in August that he has prostate cancer. That, the death of his sister, and the death of Sen. Edward Kennedy, D-Mass., also have affected him, Dodd said.

"I am very aware of my present political standing here at home, but it is equally clear that any certain prediction about an election victory or defeat nearly a year from now, would be absurd," Dodd said. "Strange as it may sound, I'm not confident I would be standing here today making this announcement if these situations had not [the other events] occurred…. None of these events or circumstances either individually or collectively is the cause of my decision not to seek re-election."

Ken Crerar, president of the Council of Insurance Agents and Brokers, Washington, worked for Dodd when Dodd served in the House.

"It's disappointing to imagine the Senate without Chris Dodd," Crerar said. "Not only has he represented [Connecticut] supremely well, he's been very, very responsive for many years to the needs and concerns of the insurance industry, historically the leading employer in Connecticut. I'm grateful to have had him as a mentor."

During the rest of the congressional term, "I know that Senator Dodd won't be considered a lame duck," Crerar added. "He has an enormous reservoir of goodwill from fellow senators, he is working well on a bipartisan basis in managing the difficult regulatory reform proposals, and he will complete his legacy this year in a responsible manner. I'm sure of that."

Dodd is serving his fifth term in the Senate. He has been chairman of the Senate Banking, Housing and Urban Affairs Committee since 2007.

Dodd has scheduled a Jan. 26 markup of financial services legislation, and he has designated 2-member teams from his committee to deal with specific issues, such as insurance.

Analysts at Concept Capital, Washington, say Dodd's announcement is should not affect the current wave of financial services legislation.

"Dodd already was going to have to compromise with Sen. Richard Shelby, R-Ala., if he wanted to enact the bill," the Concept Capital analysts write in a commentary. "His decision to retire after the election does not alter this equation."

Connecticut Attorney General Richard Blumenthal, a Democrat, seems to be the leading contender to succeed Dodd.

The Concept Capital analysts say they believe Sen. Timothy Johnson, D-S.D., will likely be named to succeed Dodd as chairman of the Senate Banking Committee.

Because Johnson suffered a cerebral hemorrhage in late 2005, it is expected that Sen. Jack Reed, D-R.I., will be given an important subcommittee chair and extra staff so that he can help Johnson run the committee.

Dorgan

Dorgan, D-N.D., who was serving his third term, made his announcement Tuesday night.

As a senior Democrat in the Senate, Dorgan regularly considered insurance industry interests when working on tax issues and other financial issues.

Dorgan's wife, Kim Dorgan, is senior executive vice president, public policy, at the American Council of Life Insurers, Washington.

North Dakota Gov. John Hoeven, a Republican, is believed to be the leading contender for Dorgan's seat, and MSNBC host Ed Schultz says national Democrats have asked him to run for the seat.

Observers are speculating that Rep. Earl Pomeroy, D-N.D., a former North Dakota insurance commissioner, also might run for the seat.

Kevin Cramer, a Republican who serves as the North Dakota public service commissioner, has run and lost against Pomeroy twice. He says he is considering taking on Pomeroy because he sees the tide running against Democrats in Congress.

Pomeroy was not available for comment.