Christopher J. Dodd

Political Debut

Almost immediately after graduating from law school, Dodd ran for an open U.S. House seat. It was the year of Watergate, and Dodd easily defeated the Republican candidate.

In 1979, Dodd out-maneuvered fellow Democrats to win the nomination to succeed former Sen. Abraham Ribicoff (D-Conn.). He succeeded, becoming Connecticut’s youngest Senator and taking over his father’s old desk.

In 1994, Dodd ran for Senate minority leader, but lost to then-Sen. Tom Daschle (D-S.D.) by just one vote. He was then invited by Bill Clinton to serve as chairman of the Democratic National Committee. Some state party leaders argued that Dodd was too liberal to serve the party, but he ably performed the job.Berke, Richard, “The 104th Congress,” New York Times, Jan. 12, 1995

Dodd left the DNC in 1997, after accusations that he mishandled charges that a top DNC fundraiser had collected millions in illegal donations.George, Jason, “Home on the Trail,” Chicago Tribune, Dec. 28, 2007

Presidential Candidacies

He considered running for president in 2004, but instead decided to back fellow Connecticut senator Joe Lieberman (I). After former Senate Minority Leader Tom Daschle’s (D-Iowa) defeat, he set his sights again on the minority leader slot, but withdrew once it was clear Sen. Harry M. Reid (D-Nev.) had the votes.

Dodd announced his candidacy for president in 2007, calling himself a “dark horse” with experience. He has served in Congress for 34 years, which would have marked more years on Capitol Hill than any president in history. But Dodd struggled to gain traction in a race swarming with bigger names. Dodd tried to gain momentum. He even moved his family to a house in Iowa, building his children a swing-set and enrolling his daughter in a local kindergarten.Geroge, Jason, "Home on the Trail," Chicaoge Tribune, Dec. 28, 2007

But his campaign never developed real momentum, despite his efforts. He dropped out of the race after the Iowa caucus, and endorsed Barack Obama soon afterwards.Lightman, David, “Chris Dodd’s Joy Ride,” Hartford Courant, July 19, 2007

Dodd announced that he was being vetted by Obama for the vice presidential pick though many speculated this was a favor to Dodd and that he was not being seriously considered.Kornacki, Steve, “Obama’s Courtesy for Dodd,” New York Observer, July 11, 2008

Dodd has been re-elected to his Senate seat by wide margins. In 1998, he beat his opponent with 65 percent of the vote. In 2004, he faced fashion entrepreneur Jack Orchulli. Orchulli spent millions of his own money, but it didn’t help. Dodd won 66 to 32 percent.Kraushaar, Josh, "Dem's Wont Pressure Dodd to Retire," Politico, April 2, 2009 

Political Troubles and Retirement

Dodd's popularity in his home state began to droop at the end of 2007, when he moved his family from Connecticut to Iowa in the hopes of kick-starting his presidential campaign. His numbers took yet another hit when, in June 2008, Portfolio magazine reported that Dodd along with other politicians had received mortgage loans at noncompetitive rates from Countrywide. Dodd said he had not known he was getting discounted rates. Golden, Daniel, Portfolio, "Countrywide's Many 'Friends,'" June 12, 2008

But his role in the September 2008 financial crisis may have been the nail in Dodd's coffin. As chair of the Senate Banking Committee during one of the worst banking crises in American history, many asked why he had not insisted upon stronger oversight of the financial industry. The government's response, a $700 billion bailout of Wall Street that Dodd helped draft and implement, seemed unscrupulous in the wake of the populist tremor that ran through America in the crisis's aftermath.

Ex-Rep. Rob Simmons (R-Conn.) joined the Connecticut race early, and polled strongly against Dodd throughout 2009. Democrats said they would stand by their incumbent, and his numbers rose slightly in the summer of 2009, when he took over a key role in the health-reform debates after the death of his friend and ally Sen. Edward M. Kennedy (D-Mass.).Kraushaar, Josh, "Dem's Wont Pressure Dodd to Retire," Politico, April 2, 2009

In July 2009, Dodd was diagnosed with early-stage prostate cancer. He told reporters that the disease was caught early and that he expected to make a full recovery.Altimari, Daniela, "Chris Dodd Diagnosed with Early-Stage Prostate Cancer," Hartford Courant, July 31 2009

In January 2010, Dodd announced he would not run for re-election in 2010, and would retire at the end of his term. Cilizza, Chris, The Washington Post, "Connecticut Sen. Christopher Dodd Won't Seek Reelection, Will Retire at End of Term," January 6, 2010 

The Economy

Dodd has often been accused of pandering to the large number of hedge funds and financial institutions in Connecticut by opposing more stringent regulation on businesses. The top donors to his campaigns are banks, insurance companies, real estate offices and law firms.Center for Responsive Politics

In 1998, he was given a Golden Leash award from Public Campaign, a campaign finance reform advocacy group. The group said Dodd was chosen for the “award,” given to members with the largest connections to special interests, because of his fundraising base and his support of measures that would have reduced oversight of the financial sector.Public Campaign

This summer, the Center for Responsive Politics reported that Dodd received the most money from Countrywide Financial of any senator and that he had been placed in their priority lending program called “Friends of Angelo” for receiving favorable terms on his home mortgage. Dodd had criticized Countrywide and other mortgage companies as the culprits in the sub-prime mortgage meltdown.

Dodd acknowledged that he had accepted the favorable terms, though he said he thought it was because of his credit scores, and not his political position.Golden, Daniel, “Countrywide’s Many Friends,” Portfolio Magazine, Jan. 12, 2008 

But Dodd has also bucked his donors. He helped write the Sarbanes-Oxley Act of 2002, which tightened regulations on the management of public companies. He has also taken credit card-companies to task for predatory lending practices.

When Dodd was elevated to chair of the Senate Banking Committee in 2007, one of his top goals was creating a new regulator for Fannie Mae and Freddie Mac. He was critical of the Treasury Department’s decision to take over the two mortgage giants, charging that Bush Treasury Secretary Henry Paulson acted too quickly without exploring lower-cost alternatives.“Dodd Questions Fannie Mae, Freddie Mac Takeover,” NPR, Sept. 9, 2008

But Dodd was also the top recipient of lobbying money from Fannie and Freddie, according to Open Secrets.org.Edson, Rich, FoxBusiness, "Amid AIG Furor, Dodd Tries to Undo Bonus Protections in the 'Dodd Amendment' Rules," March 17, 2009

AIG

Dodd was at the center of a firestorm of criticism in March 2009 over $450 million in bonuses legally required to be paid to members of AIG Financial Products, which is primarily headquartered in Dodd's home state of Connecticut.

The "Dodd amendment" to the February 2009 $787 economic billion stimulus package was designed to limit executive compensation, but permitted bonus payments to companies receiving federal bailout money before Feb. 11, 2009. Dodd said he does not know how that particular date made its way into the amendment. He is considering a plan to tax those bonuses at a prohibitively high rate.Center for Responsive Politics

Financial Regulation Reform

In March 2010, Dodd unveiled his long-awaited version of financial regulation reform. The measure would increase the Federal Reserve's oversight responsibilities. The proposal would centralize the Fed's power in Washington, D.C. and New York, stripping much of the role played by the current regional Fed banks.Irwin, Neil and Cho, David, "Financial reform would shift Fed's authority away from regional banks," The Washington Post, March 17, 2010

The bill would allow for the orderly dissolution of big financial institutions whose destruction would threaten the entire U.S. economy at no cost to taxpayers; for the first time, regulate the derivatives market that was blamed for helping to cause the 2008-2008 meltdown; create a financial council overseen by the Treasury Department to coordinate and monitor risk in the financial markets; create an independent consumer watchdog inside the Federal Reserve to give U.S. consumers clear information regarding financial products like credit cards and mortgages; and imposes regulations on derivatives trading, requiring most of it to take place in open marketplaces. Summary of Dodd-Frank Wall Street Consumer Protection Act, July 11,2010, Senate Banking Committee

 

Health-Care Reform

In summer 2009, Dodd emerged as a player in the health-care reform debate when his ally, longtime health-reform advocate Sen. Edward M. Kennedy (D-Mass.), was sidelined by medical troubles. Kennedy passed away in August 2009, but Dodd chose not to take over the chairmanship, choosing instead to remain chair of the banking committee. Kane, Paul, The Washington Post, "Dodd Decides Against Taking over Senate Health Committee," September 9, 2009

As a 2008 presidential candidate, he proposed a plan to offer all Americans health insurance that would be similar to the coverage federal employees receive."Dodd Proposes Universal Health Care Plan," The Associated Press, July 26, 2007

Kennedy chaired the Senate Health, Education, Labor Committee, one of the two committees working on a health-care bill in the Senate. But treatment for a brain cancer diagnosed the year before left Kennedy unable to attend key meetings on Capitol Hill.

Before Kennedy's death, Dodd chaired the mark-up for the health-reform bill, The Affordable Health Choices Act of 2009, and oversaw it's approval by a vote of 13 to 10 along party lines.Pear, Robert and David M. Herszenhorn, "Health Care Vote Illustrates Partisan Divide," The New York Times, July 15, 2009

The bill was Kennedy's baby, and called for progressive reforms including an option for Americans to purchase a public insurance plan, which ran into political trouble in summer 2009. Kennedy said including a government plan in the marketplace would "ensure that fiscal discipline and full accountabiliity are built into this new structure." "A New Vision for American Health Care: Strengthening What Works and Fixing What Doesn't," Briefing Paper for the Meeting of the Senate Committee on health, Education, Labor and Pensions, May 21, 2009

In addition to the public option, the HELP Committee's bill required that insurance companies offer coverage to all Americans, even if they have pre-existing conditions, and required all Americans to carry some form of health insurance. Businesses with more than 25 employees would be required to offer coverage to employees, and Americans could choose to compare and buy insurance on a national exchange.

Kennedy's death in August 2009 left Dodd as the presumptive heir to the Senate Health, Education, Labor and Pensions chairmanship, but Dodd chose not to take over the chairmanship. Kane, Paul, The Washington Post, "Dodd Decides Against Taking over Senate Health Committee," September 9, 2009

Tort Reform

Connecticut is a business state leery of lawsuits, and Dodd  supported his constituents, trying to limit the power and the scope of trial attorneys.

In 1995, he successfully passed, and then successfully worked to override a Clinton veto, on a securities litigation bill that made it more difficult to file a federal securities class action lawsuit. He was the lead sponsor on a bill to limit product liability lawsuits, which was also vetoed by Clinton.THOMAS Library of Congress 

Iraq War

Dodd was an early Iraq war supporter, arguing that if the United Nations wouldn’t back their efforts, America would be justified in invading the country alone. He has since reversed his position, saying that if he knew Saddam Hussein did not have weapons of mass destruction, he would not have supported the war.

In 2007, Dodd introduced legislation that would have capped troop levels in Iraq at their current level.  Any increase would require Congressional approval. The measure failed.