CHICAGO (CBS) — A major development in the race for mayor of Chicago.

Bill Daley is now running for the job once held by his father and brother.

CBS 2 political reporter Derrick Blakley has the story.

When it comes to name recognition, it doesn’t get bigger than Daley.

But the Daley family legacy could work for him or against him. Because there are some Chicagoans who will not relish revisiting the Daley dynasty entering another chapter of that dynasty at City Hall.

His resume: Daley served as President Obama’s Chief of Staff and Secretary of Commerce for President Clinton.

And he’s had a long career in banking with connections to Chicago’s elite. But there’s a drawback: at age 70 Bill Daley has never sough public office.

What would be Bill Daley’s path to victory?

What may be playing out is a struggle for who will be the insider candidate, the person who would be the natural heir to Mayor Rahm Emanuel. The person who would inherit corporate connections, business contributions. Someone who would be slightly conservative and keep Chicago on the track it was following under Mayor Emanuel.

Whether the voters want that, of course, is another question.