WASHINGTON — Senate Banking Committee Chairman Christopher Dodd's plans to not seek re-election could damage a push by the Obama administration to enact a meaningful overhaul of U.S. financial markets this year.

Dodd (D., Conn.), who was facing a tough 2010 election fight, plans to announce Wednesday he will not seek another term, The Wall Street Journal reported. The news comes the day after another key Senate Democrat, Sen. Byron Dorgan of North Dakota, also announced he would not run for re-election this year.

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