Majority Press Releases
DODD INTRODUCES LEGISLATION TO PROTECT CONSUMERS, END WRONGFUL CREDIT CARD PRACTICES
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today re-introduced The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"), legislation to better protect consumers from confusing, misleading and predatory practices by credit card companies. Tomorrow, the Banking Committee will hold a hearing entitled "Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Car… Continue Reading
February 4, 2009
DODD COMMENDS ADMINISTRATION'S ANNOUNCEMENT ON EXECUTIVE PAY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today applauded the Administration's plans to limit excessive compensation for executives at firms receiving Troubled Asset Relief Program (TARP) funds. Dodd also announced that he will be introducing an amendment to the American Recovery and Reinvestment Act to apply further executive compensation restrictions to all TARP recipients, and to empower the Treasury Secretary to tighte… Continue Reading
January 30, 2009
DODD COMMENDS FREDDIE MAC'S DECISION TO SAFEGUARD RENTERS AFFECTED BY FORECLOSURES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Freddie Mac's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes after Dodd recently urged both David Moffett, the CEO of Freddie Mac, and James Lockhart, the director of the Federal Housing Finance Agency (FHFA), not to evict these renters. Today's outcome means that Freddie Mac is now complian… Continue Reading
January 27, 2009
DODD STATEMENT ON FED'S FORECLOSURE PREVENTION PROGRAM
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Federal Reserve Board's establishment of a foreclosure prevention program. Chairman Dodd wrote a provision into the financial rescue law that directs agencies such as the Fed and the Federal Deposit Insurance Corporation (FDIC) to establish such programs: "I welcome the Federal Reserve Board's decision to finally implement a homeowne… Continue Reading
January 23, 2009
DODD STATEMENT ON SENATE CONFIRMATION OF KEY MEMBERS OF OBAMA ECONOMIC TEAM
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement this evening after the Senate confirmation of two key members of President Obama's economic team who were recently vetted by the Committee. The Senate confirmed by unanimous consent Mr. Shaun Donovan to be Secretary of the U.S. Department of Housing and Urban Development and the Honorable Mary Schapiro to be Chairman of the Securities and Exchange Com… Continue Reading
January 16, 2009
Dodd Statement on Senate Vote Releasing Additional Financial Rescue Funds
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Senate voted against a resolution to block the release of funds authorized by the Emergency Economic Stabilization Act: "The Senate sent an important message today. The incoming Administration will face many challenges in the days and weeks ahead, and none will be more important than addressing our economic crisis swiftly and st… Continue Reading
January 13, 2009
Dodd Holds Hearing on HUD Secretary-Designate Shaun Donovan
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing on the nomination of Shaun Donovan, President-Elect Obama's Secretary-Designate for the Department of Housing and Urban Development. During the hearing, Dodd highlighted Mr. Donovan's considerable experience and focused on the need to address more forcefully the foreclosure crisis, which is at the root of our economic problems and has hurt families and commun… Continue Reading
January 12, 2009
DODD STATEMENT ON NEED TO STRENGTHEN ECONOMY AND WORK WITH OBAMA ADMINISTRATION
"As Friday's dismal job numbers show, the economic crisis continues to cripple millions of American families and businesses. We need to strengthen our fragile financial system so that families can access the credit they need to pay for a home, a car and college tuition for their children, and businesses can stock inventory and meet payroll. Regrettably, the program intended to meet these objectives has been grossly mismanaged by the current Administration and has not achieved these goals. Pre… Continue Reading
January 5, 2009
DODD, SHELBY EXAMINE MADOFF FRAUD, REQUEST INFORMATION FROM SEC
Washington, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that they are examining the reported fraud by Bernard Madoff. In a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox, the Senators specified that they are reviewing how federal regulators supervised and oversaw this firm and requested documents and other information about the case. "The Bank… Continue Reading
December 23, 2008
DODD STATEMENT ON SHAWN MAHER
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today made the following statement on Shawn Maher, the Committee's Staff Director and General Counsel who will be the Obama Administration's Deputy Director of Legislative Affairs for the United States Senate. Maher has served as Staff Director and General Counsel since Dodd became Chairman in January 2007; prior to that, he was Dodd's Legislative Director. "After nearly 14 … Continue Reading
December 18, 2008
DODD STATEMENT ON FED'S RULES ON CREDIT CARDS
"Confusing, misleading and in some cases predatory practices have become the standard operating procedure for many in the credit card industry. As a result, American consumers - the bread and butter of our economy - are increasingly finding themselves buried under an avalanche of debt. These rules will crack down on some of these practices, and I applaud the Fed for taking action. But more must be done to protect consumers, which is why I plan to re-introduce the Credit Card Accountability, R… Continue Reading
December 18, 2008
DODD STATEMENT ON PRESIDENT-ELECT OBAMA?S SEC AND FED NOMINEES
"As our country struggles through this severe recession, we need regulators who will be strong cops on the beat, rather than turn a blind eye to the reckless practices that have caused this crisis. The reported fraud by Bernard Madoff is a stark reminder of the need for regulators that are committed to supervision, oversight, and protecting American investors and consumers. "President-Elect Obama has assembled an economic team that will work to provide financial security for hard-working Amer… Continue Reading
December 15, 2008
DODD WELCOMES DECISION TO ALLOW RENTERS TO STAY IN THEIR HOMES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties. Dodd… Continue Reading
December 15, 2008
Dodd Statement on HUD Secretary Nominee Shaun Donovan
"I commend President-Elect Obama's nomination of Shaun Donovan to be Secretary of Housing and Urban Development. I believe that Congress as well as the housing community will welcome this choice, and that Mr. Donovan's background prepares him to address the extremely difficult challenges our country faces in helping Americans find affordable housing. I look forward to having Mr. Donovan before the Banking Committee at the earliest opportunity." -30-… Continue Reading
December 10, 2008
DODD ANNOUNCES LEGISLATION TO STABILIZE, RESTRUCTURE, REFORM AUTO INDUSTRY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry: "This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job. It also takes tough measures to restructure and ref… Continue Reading
December 9, 2008
DODD STATEMENT ON SENATE CONFIRMATION OF SPECIAL INSPECTOR GENERAL NEIL BAROFSKY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program. The confirmation passed by unanimous consent last night. Under Chairman Dodd's leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated … Continue Reading
December 2, 2008
DODD STATEMENT ON FINANCIAL RESCUE REPORT
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after receiving a report from the Government Accountability Office (GAO) on the Treasury Department's implementation of the Troubled Asset Relief Program. Dodd incorporated the GAO reporting requirement in the financial rescue package in order to ensure adequate oversight of the law. "I appreciate the insights and recommendations that the G… Continue Reading
December 2, 2008
BIG THREE RESTRUCTURAL PLANS PRESENTED TO CONGRESS
Click for Ford Motor Company's Report and Restructural Plan Presented to Congress Click for Ford Motor Company's Restructural Plan Appendix Powerpoint Click for General Motors Corporation's Letter about Restructural Plan Click for General Motors Corporation's Report and Restructural Plan Presented to Congress Click for Chrysler Corporation's Letter about Restructural Plan Click for Chrysler Corporation's Report and Restructural Plan Presented to Congress Click for Chrysler Corporation's … Continue Reading
November 24, 2008
DODD STATEMENT ON CITIGROUP
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after the Bush Administration announced a plan to provide assistance to Citigroup: "Our financial system is facing unprecedented challenges. More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated… Continue Reading
November 24, 2008
DODD STATEMENT ON OBAMA ECONOMIC TEAM AND ECONOMIC RECOVERY PLAN
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan: "I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery. These actions demonstrate that he is moving quickly and responsibly to address our nation's economic… Continue Reading
