Majority Press Releases
Statement of Chairman Dodd on Federal Reserve's Proposal on Regulation Z
“I commend the Fed for undertaking this effort. I intend to study this proposal and give it the careful, thorough, and proper review that it deserves. It is vital that consumers have the clearest and most complete information possible about credit cards so they can make the most informed decisions about how to use them. However, improved disclosure is not in and of itself sufficient to protect consumers. I’ve introduced measures to address these issues in the past and am committed to contin… Continue Reading
May 23, 2007
Statement of Chairman Dodd on Federal Reserve's Proposal on Regulation Z
Washington, D.C. - “I commend the Fed for undertaking this effort. I intend to study this proposal and give it the careful, thorough, and proper review that it deserves. It is vital that consumers have the clearest and most complete information possible about credit cards so they can make the most informed decisions about how to use them. However, improved disclosure is not in and of itself sufficient to protect consumers. I’ve introduced measures to address these issues in the past and am … Continue Reading
May 23, 2007
Statement of Chairman Dodd on Conclusion of the Strategic Economic Dialogue and Banking Subcommittee Hearing on U.S.-China Economic Relations
One of the very first actions that I undertook as Chairman-elect of the Banking Committee in December 2006 was to write a letter with then-Chairman Shelby to the Treasury Secretary on the occasion of the first Strategic Economic Dialogue (“SED”). In January 2007, I chaired a hearing with Secretary Paulson on exchange rates and the SED. At that hearing, Treasury Secretary Paulson testified that the SED is the “best chance to get some progress [on the currency issue].” The second session of the… Continue Reading
May 22, 2007
Statement of Chairman Dodd on House GSE Action
“I commend Barney Frank and the House for their efforts. Homeownership is the cornerstone of the American dream and we need to do everything possible to make that dream a reality. Clearly, GSE’s can play an important role in advancing that goal. I believe our nation needs a stronger regulatory structure and a deeper commitment to meeting the housing needs of the American people. I am committed to continuing to find common ground to address this important issue in a bipartisan, timely and thought… Continue Reading
May 22, 2007
Statement of Chairman Dodd on House GSE Action
“I commend Barney Frank and the House for their efforts. Homeownership is the cornerstone of the American dream and we need to do everything possible to make that dream a reality. Clearly, GSE’s can play an important role in advancing that goal. I believe our nation needs a stronger regulatory structure and a deeper commitment to meeting the housing needs of the American people. I am committed to continuing to find common ground to address this important issue in a bipartisan, timely and tho… Continue Reading
May 22, 2007
Statement of Chairman Dodd on House ILC Vote
“As Chairman, I will continue to work with Ranking Member Shelby, and other members of the Senate Banking Committee in a thoughtful, deliberative manner to resolve outstanding issues regarding the ownership and regulation of industrial loan companies. I plan to review the House-passed bill, as well as other legislative proposals, and to solicit the views of other interested members as part of that process.”… Continue Reading
May 22, 2007
Statement of Senator Dodd on House ILC Vote
“As Chairman, I will continue to work with Ranking Member Shelby, and other members of the Senate Banking Committee in a thoughtful, deliberative manner to resolve outstanding issues regarding the ownership and regulation of industrial loan companies. I plan to review the House-passed bill, as well as other legislative proposals, and to solicit the views of other interested members as part of that process.”… Continue Reading
May 20, 2007
Chairman Dodd and Ranking Member Shelby: Dialogue Plus Action Needed for U.S-China Economic Relations
Washington, D.C. -- Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Senator Richard Shelby, R-Ala., ranking member of the Committee, yesterday wrote to Treasury Secretary Hank Paulson emphasizing the need to eliminate China's unfair trade practices through both dialogue and action. China’s ongoing intervention to keep the yuan undervalued and discriminatory treatment of foreign financial services firms have contributed to the loss of … Continue Reading
May 20, 2007
Chairman Dodd and Ranking Member Shelby: Dialogue Plus Action Needed for U.S-China Economic Relations
Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Senator Richard Shelby, R-Ala., ranking member of the Committee, yesterday wrote to Treasury Secretary Hank Paulson emphasizing the need to eliminate China's unfair trade practices through both dialogue and action. China’s ongoing intervention to keep the yuan undervalued and discriminatory treatment of foreign financial services firms have contributed to the loss of approximately three mi… Continue Reading
May 17, 2007
Statement of Senator Dodd in Reaction to Bernanke Speech at the Chicago Federal Reserve Bank Conference
Washington, D.C. - “The Chairman misspoke when he said that the Federal Reserve is ‘authorized’ to write rules by the Home Ownership and Equity Protection Act (HOEPA). In fact, the law requires the Federal Reserve to write rules to protect home borrowers from unfair or deceptive practices. For far too many years, far too many risky and abusive subprime loans were made without a reasonable analysis of the borrower’s ability to repay the loan. The result has been a record increase in foreclosures … Continue Reading
May 17, 2007
Statement of Senator Dodd in Reaction to Bernanke Speech at the Chicago Federal Reserve Bank Conference
“The Chairman misspoke when he said that the Federal Reserve is ‘authorized’ to write rules by the Home Ownership and Equity Protection Act (HOEPA). In fact, the law requires the Federal Reserve to write rules to protect home borrowers from unfair or deceptive practices. For far too many years, far too many risky and abusive subprime loans were made without a reasonable analysis of the borrower’s ability to repay the loan. The result has been a record increase in foreclosures across the coun… Continue Reading
May 16, 2007
Chairman Dodd Touts Security Agenda, Lauds Banking Committee Passage of CFIUS Legislation
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee passed six pieces of legislation and confirmed seven nominations. In keeping with Senator Dodd’s commitment to national security and economic opportunity, the Committee passed Dodd’s Foreign Investment and National Security Act of 2007. The bill would reform the Committee on Foreign Investment in the United States (CFIUS). Among other provis… Continue Reading
May 16, 2007
Chairman Dodd Touts Security Agenda, Lauds Banking Committee Passage of CFIUS Legislation
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee passed six pieces of legislation and confirmed seven nominations. In keeping with Senator Dodd’s commitment to national security and economic opportunity, the Committee passed Dodd’s Foreign Investment and National Security Act of 2007. The bill would reform the Committee on Foreign Investment in the United States (CFIUS). Among other provisions, the legislati… Continue Reading
May 11, 2007
Chairman Dodd and Ranking Member Shelby Announce Intention to Introduce and Mark up CFIUS Reform Measure
Washington, D.C. -- Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala., today announced that they will offer a bipartisan measure to reform the Committee on Foreign Investment in the United States (CFIUS), and mark up the legislation next week in the Banking Committee. “I welcome foreign direct investment in the United States. It can be a source of growth, jobs and innovation. But we must al… Continue Reading
May 11, 2007
Chairman Chris Dodd and Ranking Member Senator Richard Shelby Announce Intention to Introduce and Mark up CFIUS Reform Measure
Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala., today announced that they will offer a bipartisan measure to reform the Committee on Foreign Investment in the United States (CFIUS), and mark up the legislation next week in the Banking Committee. “I welcome foreign direct investment in the United States. It can be a source of growth, jobs and innovation. But we must also ensu… Continue Reading
May 4, 2007
Dodd Commends Wells Fargo’s Agreement to Principles
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Wells Fargo will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All of the organizations that participated in the Summit have now endorsed the principles. “I commend Wells Fargo for joining other leaders in agreeing to these princi… Continue Reading
May 4, 2007
Dodd Commends Wells Fargo’s Agreement to Principles
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Wells Fargo will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All of the organizations that participated in the Summit have now endorsed the principles. “I commend Wells Fargo for joining other leaders in agreeing to these principles. I believe th… Continue Reading
May 3, 2007
Statement of Senator Dodd on House Financial Services Vote on ILCs
“The House Financial Services Committee has made an important contribution toward addressing some of the outstanding issues related to ownership, regulation and the future of industrial bank holding companies. I will continue my efforts to work with members of the Senate Banking Committee and other Senators to work in a thoughtful, deliberative manner to address this issue.”… Continue Reading
May 3, 2007
Dodd Commends Countrywide's Agreement to Principles, Believes Principles are Effective Solution
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Countrywide Financial Corp. will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All but one of the organizations that participated in the Summit have now endorsed the principles. “I commend Countrywide for agreeing to these principl… Continue Reading
May 3, 2007
Dodd Commends Countrywide's Agreement to Principles, Believes Principles are Effective Solution
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Countrywide Financial Corp. will join the other organizations and companies that have agreed to the Homeownership Preservation Summit Statement of Principles that he helped forge over the past two weeks. All but one of the organizations that participated in the Summit have now endorsed the principles. “I commend Countrywide for agreeing to these principles. The fact that… Continue Reading
