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Senate Banking Chair Will Not Seek Another Term

Current Senate Banking Committee Chairman Tim Johnson (D-SD) has announced that he will not seek re-election in 2014.  The guessing game for who will be the next Chairman of the Senate Banking Committee, which has primary jurisdiction over the investment management industry, has already begun.  Senator Jack Reed (D-RI) is next in line in terms of seniority, but is likely to take the helm of the Armed Services Committee rather than Banking.  Senator Chuck Schumer (D-NY) and Senator Sherrod Brown (D-OH) are also potential successors.  According to Politico, Wall Street would prefer Senator Schumer since he is from the industry’s home state and may be more industry friendly.  Of course this all presumes the Democrats retain control of the Senate.  If the Republicans take back the majority, then Senator Mike Crapo (R- ID), current Ranking Member of the Committee, will likely become Chair.