Sen. Christopher Dodd will take over the Chair of the Senate Banking Committee this month, and with it access to the deep pockets of bankers, brokers, and insurance companies - which he may use to help his long-shot bid for the 2008 Democratic Presidential nomination, Andrew Miga of the Associated Press reports:
The White House isn't the only prestigious address on Sen. Christopher Dodd's mind as he nears a decision on whether he'll plunge into a crowded field of Democratic presidential contenders.
Wall Street also looms large. The Connecticut senator will become chairman of the Senate Banking Committee in Congress, giving him oversight of the nation's banking, financial services and insurance industries. The post will create new fundraising opportunities -- a potential boost for a longshot prospect like Dodd who must prove he can raise the tens of million of dollars needed to stay competitive in the 2008 campaign."Any time you are chairman of a committee that oversees, arguably, the wealthiest sector of society, that's a significant opportunity to raise some real dough," said Chris Lehane, a Democratic strategist from several presidential campaigns. "But it's potentially a double-edged sword."
The senator has accepted millions of dollars in contributions from Wall Street interests during his 25 years in the Senate, but his new chairmanship, plus his White House ambitions, have upped the ante.
"It's a tightrope walk when you're the chairman of a committee that regulates the industry that gives the most money to politics, in general," said Massie Ritsch, communications director of the Center for Responsive Politics, a nonpartisan watchdog group. "It has to be tempting to take a lot of money from this industry, because they want to give it so much."
Read the whole article at the link above. One excellent point made is that with superstars like Hillary and Obama in the race, as well as others with ready access to big money, no one who cannot raise $10 million in the next six months or so will be taken seriously at all.
Sorry, Dennis.
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Tags: 2008, Dodd, presidential campaign, Senate banking committee
