Executive compensation may be gaining a foothold as an issue in the presidential campaign thanks to Sen. Barack Obama, D-Illinois. Obama recently introduced in the Senate a measure that would give shareholders an advisory vote on executive pay. The House approved an identical bill, 269-134, on April 20. The House measure was written by Rep. Barney Frank, D-Massachusetts and chairman of the House Financial Services Committee.

Although a senator has free rein to bring up a bill on the floor, giving Obama a chance to attach his measure to any piece of legislation at any time, he’s not the presidential candidate to watch on this issue. Keep your eye on Sen. Christopher Dodd, D-Connecticut.

Dodd is chairman of the Senate Banking Committee. That puts him at the heart of executive compensation debate in the Senate. So far, he has not indicated that he will champion Frank’s idea. Thanks to his bill, Obama may have something to talk about on the campaign trail, but Dodd is the one who has more influence in deciding whether “say on pay” becomes law.

Obama only had two co-sponsors as of April 30—Sens. Tom Harkin, D-Iowa, and John Kerry, D-Massachusetts—so there doesn’t seem to be a groundswell of support in Senate. But voter frustration with soaring executive pay that is unrelated to company performance has gotten the attention of lawmakers in Washington. Even President Bush has said that the situation is getting out of control.