February, 16, 2010

Within minutes of the announcement Monday by Sen. Evan Bayh (D-Ind.) that he’s not running for reelection, financial industry experts began piecing together what it means for Wall Street interests in Washington.Bayh’s surprise resignation makes him the second major Democratic player on the Senate Banking, Housing and Urban Affairs Committee to announce his retirement in the past two months. In January, the panel’s chairman, Chris Dodd of Connecticut, said he would not seek reelection.

The committee will have several other new members after the November midterm elections because Sen. Jim Bunning (R-Ky.), an aggressive critic of the Federal Reserve, is also retiring, and Sen. Kay Bailey Hutchison (R-Texas) is running for governor back home.And with banking reform legislation moving through the committee this year, the retirements have Wall Street’s Washington operatives scrutinizing the panel for any change in direction.

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