Senate Banking Chief Johnson to Announce Retirement Plans

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Sen. Tim Johnson, D-S.D. (left), chairman of the Senate Banking Committee, plans to hold a press conference in his home state Tuesday afternoon to announce that he will not run for re-election when his current term ends in 2014.

A three-term senator, Johnson, 66, will announce his plans from his alma mater, the University of South Dakota, at 4:00 Eastern time. A live stream of the press conference will be available via The Argus Leader’s website.

As the Sioux Falls, S.D., paper reported, Johnson, who took over as the Senate Banking chairman in 2011, has struggled with health issues since a 2006 brain hemorrhage that left his speech and movement impaired.

One challenger for his Senate seat is Republican former governor Mike Rounds, the paper says. Several other Democrats and Republicans are reportedly considering running for Senate if Johnson retires, including Johnson’s son, U.S. Attorney Brendan Johnson, the paper reported.

In line to be next chairman of the banking committee is Sen. Jack Reed, D-R.I., however Reed is reported to be stepping into a leadership role held by retiring Sen. Carl Levin’s seat on the Senate Armed Services Committee.

Next in line to be at the Senate Banking Committee’s helm would be Sen. Chuck Schumer of New York, followed by Bob Menendez of New Jersey, and then Sherrod Brown of Ohio.

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