Dodd's Choice
Photo credit: Office of Sen. Christopher Dodd
Posted 9/15/09
Thanks to his 28 years in the United States Senate, Sen. Christopher Dodd (D-CT) had a rare opportunity earlier this month—choosing between the chairmanships of two powerful committees in Congress—the Senate Committee on Banking, Housing, and Urban Affairs, commonly dubbed Banking and the Senate Committee on Health, Education, Labor and Pensions nicknamed HELP.
Dodd already was chairman of Banking. The HELP panel was chaired by the late Sen. Ted Kennedy (D-MA). As his brain cancer advanced, Kennedy asked his close friend Dodd, a senior senator on HELP, to run the committee and guide the much-talked about health care reform legislation through the Senate.
Kennedy’s death meant change in the Senate and Dodd had to choose—stick with Banking and focus on key financial reforms needed after last year’s Wall Street meltdown or leap to HELP and bird dog the healthcare legislation. Dodd decided to bank on Banking.
“We have important work to do on the Banking Committee, and I intend to see it through as chairman,” said Dodd. “The Banking Committee is of vital importance to Connecticut, responsible for the issues central to the economic security and prosperity of the people of my state.”
Dodd said as chair of Banking he helped push through laws to “protect consumers from greedy credit card companies and sleazy lenders—and we have more work to do.”
The HELP committee now will be chaired by Sen. Ted Harkin (D-Iowa), but Dodd will still be a key member of the panel, and he vowed to work hard for health care reform. He said Kennedy asked him to make sure the legislation was approved and Dodd said: “I intend to keep the promise I made.”
Capitol Hill denizens can have a good debate at local watering holes such as the Hawk 'n' Dove and The Dubliner on whether Dodd’s choice was a calculated decision to avoid blame if the red hot health care issue blows up, opting instead for the familiar turf of his Banking committee.
It’s no secret though, that Dodd was scorched earlier this year by claims that he okayed wording changes in legislation that allowed executives at federal bailout recipient AIG to continue to receive hefty bonuses—something the Senator denies.
So, while choosing between two powerful chairmanships seems like a dream dilemma for an ambitious politician, Dodd could be perceived as being “chicken” for avoiding the health care reform challenge, or opting to stay “cozy” with financial giants. For Dodd, who faces the toughest reelection campaign of his life next year, the decision seems fraught with risk.
Now the die is cast. It will be Banking for Dodd, for better or worse.
Ironically, though Dodd has been criticized for allegedly being chummy with financial interests overseen by his committee, consumer advocacy groups hailed the Senator’s decision to stick with his Banking chairmanship, because they believe he will work to protect consumers from lending, banking, and credit schemes and scams.
If Dodd stepped away from the Banking panel, the chairmanship would have gone to Sen. Tim Johnson (D-SD). South Dakota is the home of many credit card companies and Johnson is perceived as much more friendly to the financial industry than Dodd.
Indeed, doing his best to sound like a consumer crusader, Dodd summed up his decision to stay on as chair of the Banking panel by saying: “We’re up against a lot of well-financed special interests fighting for the status quo. But I don’t work for them. I work for the people of Connecticut.”
On Election Day 2010, Dodd’s decision on his committee chairmanship, and how well he fulfills his vow to fight for the financial well-being of average families, will be tested in the voting booth.