Washington — Sen. Christopher Dodd (D.- Conn.) will retain the gavel of the Senate Banking Committee.

Dodd’s name had surfaced as a possible replacement for outgoing Senate Foreign Relations Chairman and Vice President-elect Joe Biden.

In a statement, Dodd said he was staying in his current post to address the economic crisis and to help create “a 21st century financial architecture that spurs competition domestically and ensures that our financial institutions are properly capitalized, regulated and supervised.”

Dodd is often credited for his understanding of issues concerning the insurance industry.

"Senator Dodd has a strong working knowledge of insurance and the insurance marketplace,” says Marc Racicot, president of the American Insurance Association. “As chair, we are confident he will continue to legislate in a way that provides the type of effective regulation that protects consumers and ensures the safety and soundness of the insurance industry.”

Sources: American Insurance Association, MSNBC

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