EAST HADDAM - Sen. Chris Dodd announced Wednesday that he won't seek re-election to the U.S. Senate.

Dodd made his retirement announcement at his East Haddam home. The 65-year-old claimed the decision was made in part because he's in "the toughest political shape" of his career.

Dodd, the Senate Banking Committee chairman, has been criticized due to controversy about a low-rate mortgage deal he received. His political standing has also been hit by fallout from the financial meltdown.

Dodd is serving his fifth term in the U.S. Senate. He also spent six years in the House of Representatives before being elected senator.

Click next on your video player to see Sen. Dodd's full retirement speech.