Majority Press Releases
DODD, BANKING COMMITTEE MEMBERS URGE TREASURY, FED TO TAKE ACTION TO AVERT CRISIS IN STUDENT LOAN MARKET
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with other members of the Committee, today sent letters to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke urging each to take action to ensure that lenders are able to continue providing educational loans to students and their families. Millions of American students are receiving acceptance letters from colleges and universities this month, a… Continue Reading
April 15, 2008
DODD TO ASK TREASURY, FED TO TAKE ACTION TO HELP AVERT CRISIS IN STUDENT LOAN MARKET
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today held a hearing to examine how the turmoil in the U.S. credit markets, an outgrowth of the mortgage market crisis, is affecting the cost and availability of student loans. Thousands of American students are receiving acceptance letters from colleges and universities this month, and are working with schools and their families to explore and secure financing options, including … Continue Reading
April 15, 2008
DODD TO HOLD SECOND HEARING ON HOPE FOR HOMEOWNERS PROPOSAL
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow he will hold the second in a series of hearings on solutions to mitigate the rising number of foreclosures occurring across the nation, which have led to turmoil in the mortgage and credit markets. Dodd will hear from witnesses on his HOPE for Homeowners proposal, which would create a new initiative within the Federal Housing Administration to refinance mo… Continue Reading
April 14, 2008
DODD TO HOLD HEARING ON IMPACT OF CREDIT CRUNCH ON STUDENT LOAN MARKET
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee Banking Committee and senior Democrat on the Senate Education Committee, will hold a hearing tomorrow to examine how the recent turmoil in U.S. credit markets is affecting the cost and availability of student loans. Witnesses will testify on how the tightening of credit, a result of the subprime mortgage crisis, may make it more difficult for some student lenders to provide educational loans for students and their fami… Continue Reading
April 11, 2008
DODD TO HOLD HEARING ON IMPACT OF CREDIT CRUNCH ON STUDENT LOAN MARKET
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee Banking Committee and senior Democrat on the Senate Education Committee, today announced that he will hold a hearing to examine how the recent turmoil in U.S. credit markets is affecting the cost and availability of student loans. Witnesses will testify on how the tightening of credit, a result of the subprime mortgage crisis, may make it more difficult for some student lenders to provide educational loans for students… Continue Reading
April 11, 2008
DODD STATEMENT ON GROWING SUPPORT OF APPROACH TO HELP HOMEOWNERS
"There is a growing chorus among housing experts, economists, and Democratic and Republican policymakers that more must be done to help people keep their homes and bring an end to the foreclosure crisis currently gripping our country and our economy. Most recently, Senator McCain introduced a policy echoing an idea that I proposed several weeks ago - to create a temporary, voluntary program within FHA to help distressed borrowers refinance their mortgages. In addition to Senator McCain, Chairma… Continue Reading
April 9, 2008
DODD STATEMENT ON ADMINISTRATION?S PROPOSAL TO EXPAND FHA
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in response to testimony from regulators and Administration officials before the House Financial Services Committee: "Much of what the regulators said today underscores what we have known now for months - that action must be taken to help people keep their homes. In fact, it was inaction and delayed response - mostly on behalf of the Adminis… Continue Reading
April 9, 2008
DODD TO HOLD HEARING ON HOPE FOR HOMEOWNERS PROPOSAL
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that he will hold a hearing tomorrow on solutions to mitigate the rising number of foreclosures occurring across the nation, which have led to turmoil in the mortgage and credit markets. Dodd will hear from witnesses on his HOPE for Homeowners proposal, which would create a new initiative within the Federal Housing Administration to refinance mortgages of distress… Continue Reading
April 2, 2008
DODD, SHELBY ANNOUNCE BIPARTISAN HOUSING STIMULUS PACKAGE
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 developed a bipartisan agreement to help address the nation's housing crisis. The legislation contains important provisions to provide counseling to Americans facing foreclosure; help local communities deal with properties in their neighborhoods that have been abandoned or foreclosed upon; and reform the… Continue Reading
April 2, 2008
DODD: EAGER TO HEAR FROM MAJOR PLAYERS AT HEARING ON MARKET TURMOIL
WASHINGTON, DC -- Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced the list of confirmed witnesses for Thursday's hearing on the response by federal financial regulators to ongoing turmoil in U.S. credit and mortgage markets and the near collapse of Bear Stearns. The following individuals have accepted the invitation to appear and testify before the Committee, the first Congressional examination of the recent steps taken by fede… Continue Reading
April 1, 2008
DODD ON HOUSING CRISIS: "EVERY DAY THAT GOES BY WITHOUT ACTION MEANS MORE FAMILIES ARE LOSING THEIR HOMES"
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 housing crisis, the housing stimulus package proposed by Majority Leader Harry Reid (D-NV), and his efforts as Chairman to curb the unprecedented wave of foreclosures in order to help Americans keep their homes. "Inaction is not an option," said Dodd. "And frankly, failure is not an option, either. Every day that passes creates new risk… Continue Reading
March 31, 2008
DODD STATEMENT ON TREASURYS BLUEPRINT FOR REGULATORY REFORM
The President and his advisors recently put up $30 billion of taxpayer funds to help one company on Wall Street. That may or may not have been appropriate I intend to investigate the deal at a Banking Committee hearing that I will chair on Thursday. But this much is true: if the President and his advisors can find $30 billion to help one company on Wall Street, they can surely find a way to help millions of Americans facing higher mortgage payments and falling home prices. This regulato… Continue Reading
March 31, 2008
DODD STATEMENT ON JACKSON RESIGNATION
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 resignation of Housing and Urban Development (HUD) Secretary Alphonso Jackson. Just over a week ago, Senator Dodd sent a letter to President Bush calling for the resignation. I recently voiced my concerns about Secretary Jackson's ability to provide the leadership necessary during these trying times for our country while under the clou… Continue Reading
March 26, 2008
DODD ANNOUNCES HEARING ON RECENT MARKET TURMOIL, CALLS ON FEDERAL REGULATORS AND COMPANIES TO TESTIFY
WASHINGTON, DC ? Senator Chris Dodd (D-CT), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, today announced a hearing on recent turmoil in the financial markets and efforts to address it. He has called on participants involved in the sale agreement between Bear Stearns and JPMorgan Chase to testify before the Committee next Thursday. In letters to the heads of the Treasury Department, the Federal Reserve Board, the Federal Reserve Bank of New York, the Securities … Continue Reading
March 25, 2008
DODD STATEMENT ON EFFECT OF CREDIT CRUNCH ON STUDENT LOAN MARKET
WASHINGTON, DC - Today, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and senior Democrat on the Senate Committee on Health, Education, Labor and Pensions, released the following statement in response to survey data released by the National Association of Independent Colleges and Universities: “The tightening credit situation currently gripping our markets is spreading far beyond the financial institutions of Wall Street. The data in this … Continue Reading
March 24, 2008
DODD APPLAUDS SUSPENSION OF EXPORT PRIVILEGES FOR U.K. COMPANY
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today praised the U.S. Commerce Department’s decision to suspend export privileges to a British-based company that had knowingly diverted U.S. aircraft components to Iran. Last year, Dodd convened a Banking Committee hearing to examine U.S. policy toward Iran. At the hearing, Dodd urged the Commerce Department to be tougher in their enforcement of export controls to stop the flow… Continue Reading
March 19, 2008
DODD STATEMENT ON OFHEO ANNOUNCEMENT REGARDING CAPITAL REQUIREMENTS FOR GSE’S
“This is a balanced agreement because it allows Freddie Mac and Fannie Mae to play an immediate role in restoring liquidity and confidence to the mortgage markets, while ensuring they will be able to sustain the effort in the longer run by requiring them to raise additional capital. I expect the two companies to use the capital not only to help the markets generally, but also to help subprime borrowers in a much more focused manner.”… Continue Reading
March 18, 2008
DODD STATEMENT ON FED RATE CUT
“The Fed’s decision today further illustrates their commitment to using all their available monetary policy tools to provide liquidity to our markets. But the Fed is running out of pages in its playbook to address the growing crisis of credit and confidence that has taken hold of our financial markets and threatens to undermine our nation’s economy. The Administration and Treasury should be equally aggressive in fashioning a non-monetary response that gets to the heart of this crisis - the mort… Continue Reading
March 17, 2008
DODD STATEMENT ON MARKETS, FED ACTION
“The Federal Reserve Bank’s latest action underscores the magnitude of the crisis facing our mortgage and credit markets. While the Federal Reserve has acted boldly, the agency is rapidly exhausting the weapons in its arsenal. For its part, the Administration has offered only timid measures that have done little to help families keep their homes or restore confidence to financial markets. It is time for the Administration to embrace a more comprehensive, bold, and effective approach that goes… Continue Reading
March 14, 2008
DODD STATEMENT ON JP MORGAN, NY FED MOVE TO HELP BEAR STEARNS
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on reports that JP Morgan Chase and the New York Federal Reserve Bank will help Bear Stearns meet its financial obligations: “This morning’s announcement of steps taken by the New York Fed to assist one of America’s largest investment banks is yet the latest example of the challenges facing our economy, our markets, and hard-working American… Continue Reading
