Financial industry groups are preparing for the possibility that former Sen. Evan Bayh, D-Ind., could move ahead of Sen. Sherrod Brown, D-Ohio, to lead the Senate banking committee if Bayh is elected and the Democrats take control of the Senate. Brown is widely thought to be in line for the chairmanship, but Bayh, who is more moderate and bank-friendly, might have seniority.
The upcoming retirement of Sen. Tim Johnson, D-S.D., has guaranteed a new chairman of the Senate banking committee next year, a change in the regulatory power structure that has banks and other stakeholders on edge. Sen. Sherrod Brown, D-Ohio, or Sen. Richard Shelby, R-Ala., will likely take the reins of the powerful legislative panel.
Sen. Tim Johnson, D-S.D., chairman of the Senate banking committee, reportedly will announce his retirement, leading to speculation that Sen. Sherrod Brown, D-Ohio, could inherit the gavel. While other senators might have better claims to the chairmanship if the Democrats maintain control of the Senate, observers say, they could pursue different priorities.