Connecticut Sen. Christopher Dodd, chairman of the Senate Banking Committee, is set to announce he will not seek re-election this fall, Fox News confirmed early Wednesday.
The five-term Democrat's decision is the latest in a string of big-name Democratic retirements revealed on Tuesday as the party struggles to contend with a challenging political climate.
Word of his retirement came hours after North Dakota Democrat Byron Dorgan announced he will not seek re-election, stunning many in his party.
The departure of Dodd, first elected to the Senate in 1980, carries the most symbolic value because of his seniority and his close association with the financial system bailout and other economic policies.
