Sen. Jim Bunning, a staunch critic of the Federal Reserve Board and a member of the Senate Banking Committee, announced Monday he would not seek reelection when his term expires next year.

The Kentucky Republican has fared so low in the polls and has demonstrated difficulty fund-raising that many fellow Republicans have urged him to not to seek reelection. Monday Bunning said he decided to heed that advice.

"Unfortunately, running for office is not just about the issues. To win a general election, a candidate has to be able to raise millions of dollars to get the message out to voters. Over the past year, some of the leaders of the Republican Party in the Senate have done everything in their power to dry up my fund-raising. The simple fact is that I have not raised the funds necessary to run an effective campaign for the U.S. Senate. For this reason, I will not be a candidate for re-election in 2010," said Bunning in a statement posted on his Web site Monday.

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