Majority Press Releases
Statement of Chairman Dodd on Senate Passage of Terrorism Risk Insurance Act Reauthorization
“This is a tremendous victory for American workers, businesses, and our national infrastructure. The threat of terrorism tragically exists. We need to do everything in our power to protect the long-term security of our people and fortify and strengthen our economy. This measure will do exactly that by helping to ensure that our nation is prepared to deal with future terrorist threats by making insurance available and affordable. I commend Majority Leader Reid, Ranking Member Shelby, and ev… Continue Reading
November 16, 2007
Statement of Chairman Dodd on House Passage of Predatory Lending Legislation
“The House should be commended for passage of a measure to address the problem of predatory lending. As I have said before, to be effective, legislation must meet two requirements: first, it must establish strong standards against abusive practices such as prepayment penalties, steering, and other problems. Second, it must provide for strong enforcement to ensure that those standards are met. My bill, which I will introduce soon, will meet both requirements and help protect homeowners from p… Continue Reading
November 15, 2007
Statement of Chairman Dodd on Senate Action on FHA
“I’m disappointed that the Senate did not pass the FHA Modernization Act today, but I will continue to work for passage of this important measure. This is far too important, and has too much bipartisan support, to be held up by a small handful. The fact is this bill can help generate quality mortgage credit for working families and help prevent them from being swallowed up in a financial sink-hole that threatens homeowners nationwide. This measure can help provide critically important afford… Continue Reading
November 9, 2007
Senate Banking Chairman Dodd Introduces Bills to Help Lower Costs for Homeowners and Businesses at Risk of Natural Disasters
Recognizing that immediate assistance is needed for those living near coastal areas who are grappling with skyrocketing property insurance premiums, Senator Chris Dodd, D-Conn., Chairman of the Senate Banking, Housing and Urban Affairs Committee, today introduced two bills to help American homeowners and businesses lessen the financial strain experienced as a result of natural disasters. “Each year hurricanes and other natural disasters devastate and destroy homes, communities and lives. … Continue Reading
November 9, 2007
Statement of Chairman Dodd in Response to Remarks by Chinese Officials
“I am troubled by the fact that the value of the American dollar has been significantly affected by reports that Chinese officials plan to diversify their almost $1.5 trillion of currency reserve. What’s more troubling is the Bush Administration’s economic irresponsibility that has put the dollar in such a precarious position. Reckless tax cuts for the wealthy and endless spending on the disastrous Iraq war have pushed America further and further into debt, allowing China to accumulate massive… Continue Reading
November 9, 2007
Statement of Chairman Dodd on House Financial Service Committee Approval of Predatory Lending Legislation
“I commend Chairman Frank, along with Congressmen Miller and Watt, for their work on this important issue. As I have said before, to be effective, legislation must meet two tests: first, it must establish strong standards against abusive practices such as prepayment penalties, steering, and other problems. Second, it must provide for strong enforcement. The problem in the market today is that none of the market players have a stake in the long-term success of the mortgage. Everyone from the … Continue Reading
November 1, 2007
Chairman Dodd Urges President to Support Bipartisan Sudan Bill
Washington, D.C. - In response to opposition from the Bush Administration, Senator Chris Dodd (D-CT), Chairman of the Senate Banking Committee, today urged the President to recognize the urgency of the situation in Darfur and rethink Administration resistance to the Sudan Accountability and Divestment Act. The bipartisan bill, authored by Dodd, was overwhelmingly approved by the Banking Committee on October 17th by a vote of 21-0. “Two years ago President Bush recognized that the crimes in D… Continue Reading
November 1, 2007
DODD STANDS UP FOR SHAREHOLDER RIGHTS
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox urging him not to adopt either of two proposals limiting the ability of shareholders to participate in electing members of corporate boards. Instead, Dodd recommended that the SEC maintain current rules, which allow shareholders to propose procedures to elect directors. Senator Dodd was joined by Senators Jo… Continue Reading
October 31, 2007
Statement of Chairman Dodd on the Fed’s Decision to Lower Interest Rates
Washington, D.C. - “The financial tremors caused by the on-going subprime crisis have badly cracked and damaged one of the bedrocks of the American dream - the ability to own a home. When I met with Fed Chairman Bernanke in August, he assured me that the Fed would use all of the tools at its disposal to deal with the current crisis in our housing and financial markets. Today’s decision to again cut interest rates is another indication that the Fed is taking monetary policy action to address the… Continue Reading
October 30, 2007
Statement of Chairman Dodd on Falling Home Prices
Washington, D.C. - Senator Dodd (D-CT), Chairman of the Senate Banking Committee, reacted to today’s S&P/Case-Shiller index reports on American housing prices. “Today’s dismal housing numbers underscore the need for lenders and servicers to quickly begin the process of loan modifications in a systematic, rules-based way for the millions of homeowners threatened with foreclosures. First and foremost, people’s homes, and their hopes, can be saved by immediately undertaking this process. In ad… Continue Reading
October 24, 2007
Statement of Chairman Dodd on House Predatory Lending Legislation
“I congratulate Congressmen Miller, Watt, and Chairman Frank and their staffs who, I know, have been working extremely hard to put this legislation together. I intend to study the proposed legislation as I draft a bill with my colleagues. As I have said before, to be effective, legislation must meet two tests: first, it must establish strong standards against abusive practices such as prepayment penalties, steering, and other problems. Second, it must provide for strong enforcement. The prob… Continue Reading
October 24, 2007
Statement of Chairman Dodd on Countrywide-NACA Partnership
"Countrywide has taken a step in the right direction in authorizing the Neighborhood Assistance Corporation of America (NACA) to help its borrowers. Under Bruce Mark's leadership, NACA has a strong record of helping homeowners navigate the daunting process of modifying their loans in order to make them more affordable and to avoid foreclosure. But Countrywide must ensure that each and every one of its subprime borrowers has access to equally effective help. To that end, Countrywide should make… Continue Reading
October 23, 2007
Statement of Chairman Dodd on Countrywide Announcement
“Countrywide’s announcement to modify some loans is a welcome, if late, decision. I am pleased Countrywide is implementing the Homeownership Preservation Principles they agreed to last May. However, this problem reaches far beyond the 82,000 borrowers they have agreed to assist. The reality is, many more hardworking Americans are at risk of losing their homes unless subprime lenders quickly adopt and implement a set of standards and procedures for reaching out to them. Lenders have a responsi… Continue Reading
October 17, 2007
Dodd Calls on Treasury to Increase Focus on Protecting Homeowners
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Treasury Secretary Henry Paulson reiterating the need for lenders to modify subprime loans in order to avert massive foreclosures across the country. While Dodd praised Secretary Paulson for his acknowledgement yesterday that more loan modifications are necessary to help keep people in their homes, the letter went on to urge the Treasury Department to do … Continue Reading
October 17, 2007
Dodd Calls on Treasury to Increase Focus on Protecting Homeowners
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Treasury Secretary Henry Paulson reiterating the need for lenders to modify subprime loans in order to avert massive foreclosures across the country. While Dodd praised Secretary Paulson for his acknowledgement yesterday that more loan modifications are necessary to help keep people in their homes, the letter went on to urge the Treasury Department to do more to ensure that… Continue Reading
October 17, 2007
Chairman Dodd Passes Three Major Bills Out of Committee
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today oversaw the passage of three major bills out of the Committee. The Terrorism Risk Insurance Program Reauthorization Act of 2007, the Sudan Accountability and Divestment Act of 2007, and the Flood Insurance Reform and Modernization Act of 2007 all passed with bi-partisan support. “I am pleased these bills have passed out of Committee and will continue to work to get the… Continue Reading
October 17, 2007
Chairman Dodd Passes Three Major Bills Out of Committee
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today oversaw the passage of three major bills out of the Committee. The Terrorism Risk Insurance Program Reauthorization Act of 2007, the Sudan Accountability and Divestment Act of 2007, and the Flood Insurance Reform and Modernization Act of 2007 all passed with bi-partisan support. “I am pleased these bills have passed out of Committee and will continue to work to get them enacted as soon a… Continue Reading
October 16, 2007
Statement of Chairman Dodd on Today’s Remarks by Treasury Secretary Paulson
Washington, D.C - Senator Chris Dodd (D-CT) today reacted to Treasury Secretary Henry Paulson’s proposals to address the mortgage crisis. “For months, I have been working to bring about loan modifications and other changes to keep families in their homes. Therefore I welcome Secretary Paulson’s call today for a set of standards for servicers to follow so that the modification pipeline, which has been all but completely blocked, can be opened. It’s now imperative to work with the Treasury De… Continue Reading
October 15, 2007
Statement of Chairman Dodd on Treasury Department’s Deal with Major U.S. Banks
“When I met with Secretary Paulson in August, he pledged to use all the tools at his disposal to help ensure our capital markets function smoothly. Treasury’s effort to organize large financial institutions to ensure the orderly sale of subprime securities may be necessary to prevent a broader crisis in the financial markets, consistent with that pledge. I share the Secretary’s view that our first obligation must be to maintain the orderly operations of the financial system. I await more deta… Continue Reading
October 11, 2007
Statement of Chairman Dodd in Reaction to Treasury and HUD Mortgage Foreclosures Announcement
“The Administration should have acted much sooner. It has been six months since I convened a summit where leading stakeholders in the subprime market agreed to a comprehensive set of principles to help families facing foreclosure remain in their homes. While the agreement was a step forward, I believe that the industry and Administration need to do more to alleviate this on-going crisis. Moody’s says that only 1% of resetting subprime loans have been modified, which is unacceptable and muc… Continue Reading
