Majority Press Releases
DODD ON EFFORTS TO CARVE OUT AUTO DEALER FINANCING
WASHINGTON - One day after the Senate overwhelmingly approved an amendment to protect military personnel with a new office within the Consumer Financial Protection Bureau the Senate is set to vote on an amendment to exempt auto dealers from the Bureau's protections. This week, the Secretary of the Army John McHugh sent Senate Banking Committee Chairman Chris Dodd (D-CT) a letter expressing strong concerns with such exemptions. "Over the years, many of our Soldiers have fallen victim to pre… Continue Reading
May 13, 2010
SHELBY: MAIN STREET SUPPORTS REPUBLICAN DERIVATIVES ALTERNATIVE
Washington, D.C. - Sen. Richard Shelby (R-Ala.) today made the following statement on the floor of the Senate regarding his support for a Republican substitute amendment to the derivatives title of the Democrats' financial reform bill: Statement of Senator Richard Shelby Wednesday, May 12, 2010 "Thank you Mr. President. "A key part of the bill that we are considering is Title VII, which addresses the regulation of the over-the-counter (OTC) derivatives markets. While there is s… Continue Reading
May 13, 2010
SHELBY: REAL REFORM MUST INCLUDE FANNIE AND FREDDIE
WASHINGTON, DC. Tuesday, May 11, 2010 - - U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Banking, Housing, and Urban Affairs Committee, today spoke on the Senate floor in strong support of an amendment that he cosponsored with Sens. McCain and Gregg to the financial regulatory reform legislation. The amendment would put in place an orderly transition period to end the conservatorship of both Fannie Mae and Freddie Mac and eventually require each to operate - without government… Continue Reading
May 12, 2010
DODD ON DERIVATIVES
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) fought attempts to weaken derivatives reform measures in the bill to bring accountability to Wall Street. "Derivatives are, essentially, bets - bets placed on the future value of something either as a form of protection against changes in that value, or as a way to make money. Now, there's nothing inherently wrong with derivatives. They can be used responsibly as a way to hedge commercial risks," Dodd said during deba… Continue Reading
May 10, 2010
WATCH THE OCTOBER HEARING ON DARK POOLS, FLASH ORDERS, & HIGH FREQUENCY TRADING
Click here to view testimony and video from the hearing.… Continue Reading
May 6, 2010
SHELBY DELIVERS FLOOR STATEMENT ON CONSUMER PROTECTION AMENDMENT
WASHINGTON, DC Thursday, May 6, 2010- U.S. Senator Richard Shelby (R-AL.), today made the following statement on the floor of the U.S. Senate regarding the Republican amendment to the financial reform bill that will strengthen consumer protections without unnecessarily expanding government or burdening Main Street businesses. The text of Senator Shelby's statement is below: "I rise today to discuss the amendment that Senate Republicans are offering to greatly improve consumer financial p… Continue Reading
May 6, 2010
SHELBY: MAIN STREET SUPPORTS REPUBLICAN CONSUMER PROTECTION ALTERNATIVE
WASHINGTON, DC, Thursday, May 06, 2010 - U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing, and Urban Affairs, along with Sens. Corker, Bond, Johanns, and Murkowski, today held a press conference to discuss the Republican alternative to the Consumer Financial Protection Bureau in the Senate Democrats' financial regulatory reform bill. Shelby's remarks at the press conference are below. Attached are the text of the Republican consumer protection amend… Continue Reading
May 6, 2010
DODD STATEMENT ON GOP PROPOSAL TO GUT CONSUMER PROTECTIONS
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement during Senate debate of the Republican amendment to gut consumer protections in the bill to bring accountability to Wall Street. In his statement, Chairman Dodd provided a point by point critique of the Republican plan. "Mr. President, over these many months that we've been working on financial reform, I've spent a lot of time working with my friends across the aisle to build bipartisan… Continue Reading
May 5, 2010
SHELBY STATEMENT ON AMENDMENT TO END ‘TOO BIG TO FAIL’
WASHINGTON, DC Wednesday, May 5, 2010- U.S. Senator Richard Shelby (R-Ala.), today made the following statement regarding his support for an amendment to the financial reform bill currently being considered in the U.S. Senate. "Protecting taxpayers and ending bailouts are my top priorities in financial reform. Unfortunately, the bill Democrats originally brought to the Senate floor would have perpetuated back-door bailouts and institutionalized the notion that some firms in our country… Continue Reading
May 5, 2010
DODD STATEMENT ON REACHING AN AGREEMENT WITH SEN. SHELBY
WASHINGTON - Chris Dodd (D-CT), Chairman of the Senate Banking Committee, delivered the following statement on the agreement he reached with Ranking Member Richard Shelby (R-AL) on provisions for orderly liquidation and emergency liquidity programs in the bill to bring accountability to Wall Street. As prepared for delivery: "For over a year, Senator Shelby and I have been working on ways to end bailouts. And while we have had our differences in other areas, we have always shared a com… Continue Reading
April 30, 2010
SHELBY: ORTHODONTISTS COULD BE COVERED BY NEW ONEROUS CONSUMER PROTECTION LAWS
WASHINGTON, DC Friday, April 30, 2010 - U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Senate Banking Committee, today issued the following statement responding to claims by Senate Democrats that the new consumer bureaucracy would not cover orthodontists and other small businesses offering customers a line of credit. "Another day, another attempt by Democrats to mislead the American people about what they are up to as they force through another massive government takeover of… Continue Reading
April 30, 2010
SHELBY DELIVERS FLOOR STATEMENT ON FINANCIAL REFORM
WASHINGTON, DC Thursday, April 29, 2010 - U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing, and Urban Affairs, today delivered the following speech on the floor of the U.S. Senate regarding financial regulatory reform legislation. The full text of Shelby's statement, as prepared, is as follows: Floor Statement of Senator Richard Shelby Thursday, April 29, 2010 "Thank you Mr. President. "Before proceeding to my remarks on the b… Continue Reading
April 28, 2010
DODD: AN ORTHODONTIST IS NOT A SIGNIFICANT FINANCIAL PLAYER
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement responding to false claims by the Chamber of Commerce and Senate Republicans that the new bureau to protect consumers from abusive financial products and services would cover orthodontists and other small businesses offering customers a line of credit. "Another day, another misrepresentation of our efforts to bring accountability to Wall Street." "Today the Republican Leader came to the… Continue Reading
April 28, 2010
DODD STATEMENT: IT’S TIME FOR THIS DEBATE TO BEGIN
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the news that Senate Republicans will at last allow debate on the bill to bring accountability to Wall Street. "For the last year and a half, I have worked with Senator Shelby as I crafted the bill to reform Wall Street. They have been productive talks, but I cannot agree to his desire to weaken consumer protections given the enormous abuses we have seen." "Our nation has been throu… Continue Reading
April 28, 2010
IRAN SANCTIONS BILL CONFEREES TO MEET
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) announced House and Senate conferees on the Comprehensive Iran Sanctions, Accountability, and Divestment Act (S.2799 and H.R. 2194) will meet tomorrow at 1:00 PM. The Iranian regime has engaged in serious human rights abuses against its own citizens, funded terrorist activity throughout the Middle East, and pursued illicit nuclear activities posing a serious threat to the security of the United States and our allies. The Co… Continue Reading
April 28, 2010
DODD STATEMENT ON ANOTHER DISAPPOINTING DAY
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement after Republicans again voted to prevent debate on Wall Street reform. "Today was another disappointing day." "Today, the Goldman Sachs hearings remind all of us of the terrible price our country paid for Wall Street recklessness leading up to the economic crisis." "And today, with this glaring reminder staring us in the face, our colleagues again voted to prevent Wall Street reform from e… Continue Reading
April 20, 2010
REID AND DODD, IN LETTER, CALL ON MCCONNELL TO STOP PROTECTING WALL STREET AND START SUPPORTING WALL STREET ACCOUNTABILITY
Washington, D.C. - Senate Majority Leader Harry Reid and Senate Banking Committee Chair Chris Dodd sent a written response to Senate Republican Leader Mitch McConnell today, responding to a recent letter from the Senate Republican Caucus outlining Republicans' intent to protect Wall Street and keep the same rules in place that brought America's economy to the brink of collapse. In their response, Reid and Dodd call out Republicans for "mischaracterizing the legislation and protecting Wall Stre… Continue Reading
April 16, 2010
DODD STATEMENT ON MCCONNELL LETTER
"Bring me your ideas, let's work on this together, let's debate the bill, and pass strong Wall Street reform to protect our country from the kinds of abuses that lost so many their jobs, their homes, and their life savings. But let's not engage in nonsense." WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement in response to a letter by Senate Republicans rejecting Dodd's Wall Street reform bill as being "partisan." "We can disagree over … Continue Reading
April 16, 2010
DODD STATEMENT ON SEC CHARGES AGAINST GOLDMAN SACHS
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on news the Securities and Exchange Commission charged Goldman, Sachs & Co. and one of its vice presidents with defrauding investors. "The SEC lawsuit against Goldman Sachs makes serious allegations involving securities fraud. I will not comment on ongoing litigation." "But let's be clear, we don't need to know the outcome of this case to know that the opaque nature of unregulated … Continue Reading
March 29, 2010
FACT CHECK: COMMUNITY BANKS WIN WITH FINANCIAL REFORM
WASHINGTON - Giant Wall Street banks are spending millions of dollars to lobby against financial reform. These giant firms face one problem, money can't buy you love. So, to try and sway public opinion, they are trying to take advantage of the well deserved reputation of their responsible smaller colleagues, community banks. Some giant Wall Street firms abused their customers and took enormous risks that nearly brought down our economy while our nation's nearly 8,000 community ban… Continue Reading
