Majority Press Releases
DODD STATEMENT ON AIG
"I appreciate Chairman Bernanke and Secretary Paulson informing me of their decision regarding AIG. This decision is a clear sign that the financial crisis - which is a direct consequence of this Administration's neglect and wayward economic policies - continues to deepen. Actions that were inconceivable just days ago are now occurring in a manner and at a pace that is certainly cause for concern. The Banking Committee will continue to play a constructive role in resolving this crisis. In or… Continue Reading
September 15, 2008
DODD STATEMENT ON MARKET TURMOIL
"The economic crisis facing our country is deepening, as we saw over the weekend with the failure of Lehman Brothers and the sale of Merrill Lynch. To fully understand the implications of these events, we need to learn more about the Administration's involvement, and its plans going forward. At the Treasury Secretary's request, I have postponed tomorrow's hearing. "Millions of Americans are struggling to make ends meet as unemployment rises, home values plummet, and everyday necessities like … Continue Reading
September 12, 2008
DODD: UNFAIR LENDING PRACTICES FORM DISTURBING TREND
Washington, DC - Today, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on Home Mortgage Disclosure Act data released by the Federal Reserve, which showed that denial rate differences based on race widened from 2006 to 2007: "This data is further proof of a disturbing and continuing trend of unfair lending practices in our country. At a time when turmoil in the mortgage markets caused by unfair and unsound lendin… Continue Reading
September 8, 2008
DODD STATEMENT ON ADMINISTRATION'S PLAN FOR FANNIE MAE & FREDDIE MAC
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "There are still many unanswered questions about the Administration's plan, and Americans deserve to know if this unprecedented proposal will help keep mortgages affordable, stabilize the markets, and protect taxpayer interests. Furthermore, we need to understand the circumstances which led the Administration to change course. Just weeks ag… Continue Reading
September 8, 2008
DODD STATEMENT ON PLAN FOR GOVERNMENT-SPONSORED ENTERPRISES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "I spoke with Secretary Paulson yesterday and was advised of the Administration's intent to use its new authority to act in connection with the GSEs. Any government action must help to strengthen our economy, which is suffering a crisis brought on by the Administration's failure to stop predatory lending and promote sound economic growth. Th… Continue Reading
September 8, 2008
DODD STATEMENT ON UNEMPLOYMENT RATE
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 increase in the unemployment rate to 6.1%, the highest it has been in five years: "Today's data is cause for renewed concern about the state of our economy. More and more Americans are losing their jobs while the costs of fuel, food, and other everyday necessities continue to rise. Congress put forth a significant effort to strengthen… Continue Reading
September 8, 2008
DODD ANNOUNCES HEARING ON HOW PUBLIC TRANSPORTATION MAY HELP ACHIEVE ENERGY INDEPENDENCE
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, announced that he will hold a hearing next Tuesday entitled "Strengthening the Ability of Public Transportation to Reduce Our Dependence on Foreign Oil." After months of high gas prices, a record number of Americans are using public transportation to travel to and from their jobs, school, and other responsibilities. The hearing will examine the effects of rising energy costs on pu… Continue Reading
August 26, 2008
STATEMENT FROM CHAIRMAN DODD ON MANAGED FUNDS ASSOCIATION'S HIRING OF ROGER HOLLINGSWORTH
"Roger has served me, the Committee, and our country exceptionally well during a period of unprecedented challenges to the financial markets and the economy. He has provided invaluable assistance as the Committee has successfully addressed those challenges, and his efforts help leave the Committee well-positioned to continue to address those challenges in the coming months and into next year. I have no doubt that he will bring to his new position the same judgment, intelligence, and dedication t… Continue Reading
July 31, 2008
DODD URGES INVESTMENT IN NATION'S INFRASTRUCTURE
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today spoke on the Senate floor on the state of our nation's infrastructure and the importance of long-term investment in our roads, bridges, mass transit, drinking water, and wastewater removal systems. Dodd's speech comes on the eve of the one-year anniversary of the tragic I-35 bridge collapse in Minneapolis. Tomorrow also marks one year since Dodd introduced the National Infra… Continue Reading
July 30, 2008
PRESIDENT SIGNS DODD'S LEGISLATION TO HELP HOMEOWNERS, STRENGTHEN ECONOMY
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 Bush signed into law the Housing and Economic Recovery Act, which Dodd authored along with Senator Richard Shelby (R-AL): "Today marks an important change in the federal government's response to the economic strain being felt by millions of Americans across the country and our financial markets. This is the most sweeping housin… Continue Reading
July 29, 2008
TODAY: DODD CONVENES HOPE FOR HOMEOWNERS BOARD
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today will convene a meeting with members of the Oversight Board of HOPE for Homeowners to ensure the timely implementation and operation of the program. HOPE for Homeowners, an initiative established by the Housing and Economic Recovery Act which passed the Senate on Saturday and which the President has said he will sign into law, is expected to help prevent foreclosure for hundr… Continue Reading
July 28, 2008
TOMORROW: DODD TO HOLD HEARING ON THE STATE OF THE NATION?S INSURANCE INDUSTRY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, will hold a hearing tomorrow to examine the state of our nation's insurance industry. The Committee will hear from industry and consumer experts on the current state of insurance regulation and oversight. Witnesses are also expected to testify on ways to promote competition and efficiency in the U.S. insurance marketplace, and how to enhance consumer protection. WHO: … Continue Reading
July 28, 2008
MAJOR LEGISLATION TO STRENGTHEN ECONOMY AND HELP HOMEOWNERS NATIONWIDE PASSES SENATE 72-13
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 the Senate passed the Housing and Economic Recovery Act by a vote of 72-13. This legislation is expected to help hundreds of thousands of Americans who are struggling to keep their homes, as well as countless homeowners and communities who are already experiencing the devastating effects of foreclosure. The legisl… Continue Reading
July 24, 2008
DODD AND SHELBY ANNOUNCE AGREEMENT ON HOUSING BILL, COMMEND BILL PASSAGE IN HOUSE
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 formally announced an agreement with the House of Representatives and the Administration on comprehensive legislation to address the current housing crisis and strengthen our economy. Dodd and Shelby also commended the House of Representatives for passing the legislation, which was sent to the House from the Senate last week and… Continue Reading
July 23, 2008
DODD, SHELBY TO SPEAK ON HOUSING BILL
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, will hold a press conference today to discuss the housing legislation that is being considered by Congress. WHO: Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) WHAT: Press conference to discuss housing legislation WHEN: 12:30 P.M. TODAY, Wednesday, July 23rd WHERE: Senate Radio/TV Gallery -30-… Continue Reading
July 23, 2008
DODD, SHELBY STATEMENT ON HOUSING LEGISLATION
"We have been working diligently for months on legislation to address the housing crisis. Last week we sent legislation to the House. Since then, we have been engaged in extensive and largely fruitful discussions with our counterparts in the House of Representatives, as well as Administration officials. We remain optimistic about the prospects for this legislation." -30-… Continue Reading
July 18, 2008
SENATE BANKING COMMITTEE PASSES BIPARTISAN IRAN SANCTIONS LEGISLATION
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 the Committee passed "The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2008" by a vote of 19 to 2. The Banking Committee exercises jurisdiction over virtually all aspects of U.S financial and economic sanctions policy toward Iran, including the U.S. trade and investment ban administered by t… Continue Reading
July 18, 2008
DODD, SHELBY ANNOUNCE BIPARTISAN IRAN SANCTIONS LEGISLATION
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 have reached a bipartisan agreement on legislation that will expand U.S. sanctions on Iran with respect to weapons proliferation, support for terrorism, and the destabilization of its neighbors in the Middle East. The Banking Committee will consider the legislation on Thursday. "Iran's missile tests last wee… Continue Reading
July 14, 2008
TOMORROW: DODD CONVENES BANKING COMMITTEE FOR TWO HEARINGS
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow the Committee will hold a second hearing in addition to a previously planned hearing where Federal Reserve Board Chairman Ben Bernanke will deliver the Semiannual Monetary Policy Report to the Congress. At the second hearing, Chairman Bernanke, SEC Chairman Christopher Cox, and Treasury Secretary Henry Paulson will testify on recent market developments and… Continue Reading
July 14, 2008
DODD STATEMENT ON FED'S NEW REGULATIONS FOR LENDERS
"Today's Federal Reserve Board regulations should help to put an end to certain abusive lending practices. Too many homeowners have been put into loans that are unaffordable, and as a result, we are now seeing the devastating effects of the failure of millions of mortgage loans. My initial reaction is that, if effectively followed and enforced, the new regulations, though not strong enough in all areas, will help to prevent similar abuses in the future. Under these regulations, lenders will o… Continue Reading
