Democrat Lincoln Chafee Drops 2016 Presidential Bid

Lincoln Chafee dropped his bid for the Democratic nomination for president on Friday.

"I have been campaigning on a platform of prosperity through peace," Chafee said, according to a press release previewing his remarks, "But after much thought I have decided to end my campaign for president today. I would like to take this opportunity one last time to advocate for a chance be given to peace."

Chafee planned to make the announcement that he had decided to quit the race in an early-morning speech at the Women's Leadership Forum hosted by the Democratic National Committee. He was the first candidate scheduled to speak to the group out of the four -- now three -- Democratic candidates.

Chafee, a former senator and governor of Rhode Island, has failed to gain traction in the polls. A new Quinnipiac poll of likely Democratic caucus-goers in Iowa released Friday showed Chafee holding less than 1 percent of the vote.

The Associated Press contributed to this report.