Regardless of the outcome of the midterm elections, Sen. Chris Dodd (D-CT) will take over as Senate Banking Committee chair or ranking member, succeeding retiring Sen. Paul Sarbanes (D-MD). Says the National Journal, Dodd has been a champion of the federal government’s terrorism risk insurance program and can be expected to defend it against Bush Administration attacks. He is likely to be a strong voice on behalf of consumer and investor protection and against deceptive lending and credit card marketing practices. In the House, Rep. Barney Frank (D-MA) would stand to became chair of the Financial Services Committee. Frank, working with putative Ways and Mean Committee chair Charles Rangel (D-NY), would likely seek to preserve the number of federal housing vouchers, and loosen the rules restricting access to them. Frank has also expressed interest in increased oversight over the hedge fund industry and reining in industrial loan companies (ILCs). Wal-Mart and Home Depot are making bids to acquire their own ILCs — Frank might seek to establish federal supervision over any such companies.