Majority Press Releases
DODD AND SHELBY ISSUE JOINT STATEMENT ON THE PROGRESS OF FINANCIAL REFORM
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) issued a joint statement on the progress being made on financial reform. "The economic crisis our country faced over the last year exposed serious weaknesses in our financial regulatory structure." "The lesson was clear. Our country needs financial regulatory reform and we are committed to working together on legislation to create a sound regulatory structure." "In this … Continue Reading
December 17, 2009
SENATE BANKING COMMITTEE APPROVES BERNANKE
WASHINGTON - Today the Senate Banking Committee approved the nomination of Ben Bernanke to continue as Chairman of the Board of Governors of the Federal Reserve System on a vote of 16 to 7. President Obama announced Bernanke's reappointment on August 25th. The nomination will now be sent to the full Senate for consideration. "As I have said, I will vote to pass that nomination out of this committee and to the full Senate," said Chris Dodd (D-CT), Chairman of the Senate Banking Com… Continue Reading
December 14, 2009
DODD STATEMENT ON CITIBANK REPAYING TARP FUNDS
WASHINGTON - Today, Chris Dodd (D-CT), Chairman of the Senate Banking Committee, issued the following statement on the announcement that Citibank would repay $20 billion in TARP funds. "We provided this assistance to avert an economic collapse. It worked, and today's announcement by Citibank is another sign that things are turning around on Wall Street," said Dodd. "But it is little consolation to taxpayers that Citi's stock is up 20% when they face unemployment rates of over 10%. Now th… Continue Reading
December 11, 2009
DODD APPLAUDS FEINBERG CAP ON EXECUTIVE PAY FOR TARP RECIPIENTS
WASHINGTON - Today, Banking Committee Chairman Chris Dodd (D-CT), congratulated Ken Feinberg, Special Master for Executive Pay in the Obama Administration, on news that he has set $500,000 salary limits for employees at four companies that received "exceptional" U.S. bailout funds. "This holiday season, millions of Americans are struggling with tight budgets," said Dodd. "I appreciate Mr. Feinberg's continued efforts to rein in outrageous compensation so that folks running companies that c… Continue Reading
December 8, 2009
DODD, MENENDEZ APPLAUD ADMINISTRATION’S TRANSIT SAFETY PLAN, WILL PUSH FOR TRANSIT INVESTMENTS IN NEW JOBS BILL
WASHINGTON - Today, as the Obama Administration unveiled a proposal for federal transit safety regulation and began to outline a potential jobs bill for the new year, the Chairmen of the Senate Committee and Subcommittee that oversee transit called for the jobs bill to include additional funding to help strengthen our nation's transit systems. Chris Dodd (D-CT) Chairman of the Committee on Banking, Housing, and Urban Affairs and Robert Menendez (D-NJ), Chairman of the Subcommittee on Housing, T… Continue Reading
December 3, 2009
DODD SUPPORTS BERNANKE’S CONFIRMATION
WASHINGTON - Today Chris Dodd (D-CT), Chairman of the Senate Banking Committee, announced his support for Ben Bernanke to continue serving as Chairman of the Federal Reserve. "Today, we are faced with two separate questions," Dodd began. "First, should Ben Bernanke, our nominee, stay on as the Chairman of the Federal Reserve? And second, as this Committee works to create a financial regulatory structure for the 21st century, what should be the role of the institution that the nominee would… Continue Reading
November 20, 2009
DODD ANNOUNCES DATE FOR BERNANKE CONFIRMATION HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) announced that the Committee will hold a hearing on December 3rd to consider President Obama's nomination of Ben Bernanke to continue as Chairman of the Board of Governors of the Federal Reserve. Read Dodd's August 24th Statement on Bernanke's appointment: http://banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=12aa6b7c-07cc-1bfb-09a2-6439994588cd&Region_id=&Issue_id=… Continue Reading
November 19, 2009
DODD OPENS COMMITTEE MARKUP OF FINANCIAL REFORM LEGISLATION
WASHINGTON - This morning, Senate Banking Committee Chris Dodd (D-CT) delivered opening remarks as the Committee began debate on his Restoring American Financial Stability Act, a comprehensive bill to reform our financial system. "The security of our economy is at stake. This is one of those moments in our nation's history that compels us to be bold," said Dodd. "The American people have been through a lot over the past year. There is not a Senator in this room who doesn't hear the… Continue Reading
November 17, 2009
DODD CALLS FOR FURTHER ACTION TO PROTECT CONSUMERS FROM BANKS’ OUTRAGEOUS OVERDRAFT FEES
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) called for further action to protect consumers from outrageous fees charged to bank customers enrolled in overdraft coverage programs at a hearing on the issue. The committee questioned witnesses from Citibank, the Pentagon Federal Credit Union, the Center for Responsible Lending, and the Consumer Federation of America. Mario Livieri, a Connecticut consumer, told his story of his being hit with $140 in fees before he knew h… Continue Reading
November 12, 2009
DODD ON FED’S NEW OVERDRAFT FEE RULE
Fed Will Require Customers' Permission Before Banks Can Charge Overdraft Fees Next Week: Banking Committee to Hold Hearing on More Ways to Protect Consumers from Excessive Checking Account Fees WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) welcomed today's release of a new Federal Reserve rule that will require banks to get a customer's consent before enrolling them in an overdraft coverage program. Banks use these programs allow customers to overdraw their accounts with… Continue Reading
November 10, 2009
DODD, BANKING COMMITTEE DEMOCRATS UNVEIL COMPREHENSIVE FINANCIAL REFORM
WASHINGTON -Today Senate Banking Committee Chairman Chris Dodd (D-CT) was joined by fellow committee members Jack Reed (D-RI), Charles E. Schumer (D-NY), Robert Menendez (D-NJ), Daniel K. Akaka (D-HI), Jon Tester (D-MT), Mark Warner (D-VA), Jeff Merkley (D-OR) and Michael Bennet (D-CO) to unveil a tough, bold bill to reform the way that our financial system is regulated. "It is the job of this Congress to restore responsibility and accountability in our financial system to give Americans con… Continue Reading
November 10, 2009
FINANCIAL REFORM DISCUSSION DRAFT SUMMARY
Click here to view summary of the bill… Continue Reading
October 29, 2009
BANKING COMMITTEE APPROVES DODD-SHELBY IRAN SANCTIONS BILL
WASHINGTON - Today the Senate Banking Committee unanimously approved the Dodd-Shelby Comprehensive Iran Sanctions, Accountability, and Divestment Act. "Earlier this year, I believe that all of us were deeply troubled to see the Iranian regime violently punishing its own citizens for calling for fair and open elections in their nation. And we have watched with growing concern the illicit nuclear activities of this troubled regime, including their deception about the previously secret enrich… Continue Reading
October 29, 2009
DODD PRAISES AGREEMENT TO EXTEND THE HOMEBUYERS TAX CREDIT
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) praised the agreement to ensure that Americans would continue to have access to the Homebuyers Tax Credit. This tax credit is working to turn around the housing market and build economic security for millions of middle class families. Dodd had joined Senator Johnny Isakson (R-GA) in pushing to extend the credit. The final agreement includes Dodd and Isaksons' provision to extend the credit to people looking to buy a … Continue Reading
October 29, 2009
DODD, ISAKSON TO DISCUSS DEAL ON HOMEBUYER TAX CREDIT EXTENSION
WASHINGTON -TODAY at 1:30 P.M., Senate Banking Committee Chairman Chris Dodd (D-CT) and Senator Johnny Isakson (R-GA) will hold a press conference to discuss the agreement reached to extend the Homebuyers Tax Credit through April 30, 2010. Dodd had joined Isakson in pushing for an amendment to extend the credit to the bill to extend unemployment insurance. The final agreement included Dodd and Isaksons' provision to extend the credit to people looking to buy a new home after having owned… Continue Reading
October 26, 2009
DODD INTRODUCES BILL TO IMMEDIATELY FREEZE CREDIT CARD INTEREST RATES
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) will introduce a bill to immediately freeze credit card interest rates, fees and finance charges on existing balances. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act enacted in May prevents arbitrary interest rate, fee and finance charge increases on a customer's existing balance. Unfortunately, credit card companies have been jacking up rates in a last ditch effort to squeeze customers befor… Continue Reading
October 23, 2009
DODD ON FEINBERG DECISION ON EXECUTIVE COMPENSATION
STAMFORD, CT - Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Kenneth R. Feinberg, Special Master for Executive Compensation under TARP, on executive compensation. "In this country, you are supposed to be rewarded for hard work. But for folks on Wall Street to be giving out outrageous compensation packages, in the middle of a recession, as they are being propped up by taxpayer dollars is obscene," said Dodd. "Mr. Feinberg sho… Continue Reading
October 20, 2009
DODD CALLS FOR EXTENSION OF HOMEBUYER TAX CREDIT
WASHINGTON - Today at hearing on the State of the Nation's Housing Market Senate Banking Committee Chairman Chris Dodd (D-CT) joined Senator Johnny Isakson (R-GA) in calling for an extension of the homebuyer tax credit. "As part of the economic recovery package, we created an $8,000 first time home buyers' tax credit, replacing an unsuccessful and overly complex loan program with one that is already having an impact," Dodd explained. "The homebuyer tax credit has already been used by nearly… Continue Reading
October 19, 2009
DODD, REED, SCHUMER, BROWN, AND MERKLEY UNVEIL BILL TO PROTECT CUSTOMERS FROM ABUSIVE CHECKING ACCOUNT OVERDRAFT FEES
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) will file The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a bill to protect Americans from excessive checking account overdraft fees. Senators Jack Reed (D-RI), Chuck Schumer (D-NY), Sherrod Brown (D-OH), and Jeff Merkley (D-OR) are original co-sponsors of the bill. "At a time when many can afford it least, American consumers are being hit with hundreds of dollars in penalties for overdrawing… Continue Reading
October 9, 2009
DODD JOINS OBAMA IN CALLING FOR INDEPENDENT CONSUMER FINANCIAL PROTECTION AGENCY
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) attends a meeting at the White House today to hear from five Americans who have suffered under the outdated rules governing our financial system. Dodd joins President Barack Obama, Treasury Secretary Tim Geithner, and House Financial Services Committee Chairman Barney Frank in calling on Americans to stand up to opponents of a new Consumer Financial Protection Agency. Dodd issued the following statement. "It's stu… Continue Reading
