Sen. Evan Bayh, a moderate Democrat on the Senate Banking Committee, announced that he will not seek re-election.

Bayh is a two-term Indiana senator who has been known for pro-business and moderate stances on banking issues. Last year he tried to help find a compromise in the mortgage bankruptcy reform debate. He also credits himself with casting the deciding vote in favor of credit card reform legislation in the committee.

Bayh cited frustrations with a lack of bipartisanship and fiscal irresponsibility in his announcement that he would step down at yearend.

"I have often been a lonely voice for balancing the budget and restraining spending. I have worked with Democrats, Republicans and independents alike to do the nation's business in a way that is civil and constructive … ," he said Monday announcing his retirement plans. "For some time, I have had a growing conviction that Congress is not operating as it should. There is too much partisanship and not enough progress — too much narrow ideology and not enough practical problem-solving. Even at a time of enormous challenge, the peoples' business is not being done."

He joins the growing list of members of the committee who plan to retire at yearend including Chairman Chris Dodd as well as Republican Sens. Jim Bunning and Judd Gregg.

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