WASHINGTON – Three-term Sen. Tim Johnson of South Dakota announced his intention to seek the chair of the Senate Banking Committee next year, upon the retirement of current Chairman Christopher Dodd of Connecticut, if the Democrats hold control of the Senate.
Johnson’s announcement comes amid questions about whether the 63-year-old, who is still impaired from a stroke-like brain seizure he suffered three years ago, will be up for the job physically. Johnson, who underwent surgery in December 2006 for bleeding in the brain, continues to speak with slurred speech and uses an electric wheelchair to get around the halls of the Senate.
In the halls of Capitol Hill, where senators regularly serve into their 80s and, more recently, some are serving into their 90s, physical questions about lawmakers are kept at a whisper. "I guess he and his staff think he’s up to the job," said one credit union lobbyist who did not want to be quoted on the record, talking about Sen. Johnson’s condition.
As longest-serving Democrat on the committee, Johnson would be the next in line to be chairman in the next Congress if the Democrats retain control of the Senate. Johnson’s expression of interest came two days after Dodd, facing an uphill battle for a sixth term, announced he will retire from the Senate.
Johnson’s office did not return a phone call seeking comment.
Johnson has a minimal record on credit union issues. He has yet to take a stand on the bill to increase business lending for credit unions, a proposal that has been back and forth before the Senate for almost 10 years.
He was one of the few Democrats to oppose the credit card reform bill, which observers attribute to the fact South Dakota is home to a massive Citibank credit card processing operation.
Over the next few months, Johnson will be given a chance to prove his credentials as the Banking Committee tackles the financial services reform bill passed by the House last month. That bill includes landmark provisions that will create a consumer financial protection agency, a systemic risk regulator, and establish new rules for financial derivatives and Wall Street rating agencies.
