WASHINGTON – The death of long-serving U.S. Sen. Edward M. Kennedy late Tuesday has set off a game of musical committee chairs as Senate Democrats ponder how to reorganize their leadership in the chamber.
Although senators are holding off on publicly discussing any changes until after Kennedy’s funeral, among the possibilities being mentioned is that U.S. Sen. Jack Reed, D-R.I., could become chairman of the Senate Banking Committee.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Kennedy was chairman of the Health, Education, Labor and Pensions Committee, one of the panels tasked with drafting a health care reform bill. U.S. Sen. Christopher Dodd, D-Conn., has been leading the health committee in Kennedy’s absence.
Dodd, however, holds another key post as chairman of the banking committee, which will be responsible for crafting new financial industry regulations in the wake of the economic crisis.
It is unknown whether Dodd, who faces a tough re-election battle next year, will decide to keep the banking committee’s gavel or take the place of Kennedy, his closest friend in the Senate, as the final push for health reform nears.
If Dodd were to surrender the banking committee chairmanship, U.S. Sen. Tim Johnson, D-S.D., is next in seniority. But it is possible Johnson, whose speech has been impaired since he suffered a brain hemorrhage in late 2006, could decide not to take the gavel – and Reed is next in line.
Johnson is seen as less likely than Dodd or Reed to enact a tough crackdown on the financial sector because of his moderate politics and his close ties to the industry, according to American Banker, which said Reed has raised questions about giving more power to the Federal Reserve and has hinted that he supports creating a single bank regulator.
BusinessWeek said some observers think Reed or another banking committee member, U.S. Sen. Charles Schumer, D-N.Y., could leapfrog Johnson, although the magazine did not identify its sources.
A senior Democratic aide told Politico that despite the usual primacy of seniority in choosing Senate committee chairs, it is possible Johnson and Reed could strike a deal if Johnson does not want to take charge of the banking panel.
“If Johnson wants to work out something with Reed, that’s up to him,” the aide said. “But that is their decision to make.”
Jack Reed is a person of very high integrity. He would be a wise selection for the post.