Sen. Christopher Dodd, D-Conn., will remain chairman of the Senate Banking Committee, and though he's staying put, his decision Wednesday set in motion several changes.

Dodd could have succeeded his close friend, the late Sen. Edward Kennedy, who died last month, as chairman of the Health, Education, Labor and Pensions panel. Dodd had presided in Kennedy's absence this year, shepherding a health care overhaul plan through the committee.

But he chose to remain at banking, explaining he was eager to work on a financial industry reform bill. "We've done already a lot of work on that committee, but obviously the major reform efforts of financial regulation are in front of us. I want to get that job done," he told reporters.

Dodd faces a tough re-election in 2010, and opponents have criticized his work on the committee, saying he did not aggressively challenge the financial industry as the economy teetered.

Dodd responded Thursday. He noted he took over the committee in 2007, and "these issues didn't spring up magically in 2007," but were created by years of Bush administration policies.

Replacing Kennedy at the health committee will be Sen. Tom Harkin, D-Iowa. Because Harkin chairs the agriculture committee, he'll give up that post to Sen. Blanche Lincoln, D-Ark.