Senate Banking Committee chairman Tim Johnson, D-S.D., will not seek reelection and will retire when his term expires in 2014, he announced Tuesday.

“I will be 68 years-old at the end of this term and it is time for me to say good-bye,” Johnson told constituents at the University of South Dakota, his alma mater. “I will not be running for re-election to the United State Senate in 2014 or any other office.  I look forward to serving the remaining two years as the country is facing difficult times on many fronts and I will work every day to find a bipartisan solution to these challenges.”

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