Majority Press Releases

May 31, 2007

Chairman Dodd Inquires About Supreme Court Case in Letter to SEC

Senator Chris Dodd, Chairman of the Committee on Banking, Housing, and Urban Affairs, on Friday sent a letter to Christopher Cox, Chairman of the U.S. Securities and Exchange Commission (SEC), regarding the Supreme Court’s upcoming consideration of a case that raises an important issue regarding securities law. In the letter, Chairman Dodd asks Chairman Cox whether the SEC plans to write an amicus brief in the Supreme Court case. If so, Chairman Dodd inquires whether the brief would advocate th… Continue Reading


May 25, 2007

Statement of Chairman Dodd on Fed Response to Letter Regarding HOEPA

Senator Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement regarding a letter he received from the Federal Reserve Board that was sent in response to the Chairman’s April 24th letter: “I appreciate the fact that the Federal Reserve Board will be holding a hearing to consider action under the Home Ownership and Equity Protection Act (HOEPA). In my view, a hearing is simply a first step in the Board fulfilling its obligation unde… Continue Reading


May 25, 2007

Statement of Chairman Dodd on Fed Response to Letter Regarding HOEPA

Senator Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement regarding a letter he received from the Federal Reserve Board that was sent in response to the Chairman’s April 24th letter: “I appreciate the fact that the Federal Reserve Board will be holding a hearing to consider action under the Home Ownership and Equity Protection Act (HOEPA). In my view, a hearing is simply a first step in the Board fulfilling its obligation unde… Continue Reading


May 24, 2007

Chairman Dodd Reacts to Securities and Exchange Commission Final New Rules Under Sarbanes-Oxley Act

Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement in reaction to the final rule under Section 404 of the Sarbanes-Oxley Act that was approved by the Securities and Exchange Commission earlier today: “I believe that Sarbanes-Oxley Act is sound and has worked in achieving its over-arching goals of improving financial reporting, strengthening corporate governance and enhancing the integrity of analysts’ recommendati… Continue Reading


May 24, 2007

Chairman Dodd Reacts to Securities and Exchange Commission Final New Rules Under Sarbanes-Oxley Act

Washington - Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement in reaction to the final rule under Section 404 of the Sarbanes-Oxley Act that was approved by the Securities and Exchange Commission earlier today: “I believe that Sarbanes-Oxley Act is sound and has worked in achieving its over-arching goals of improving financial reporting, strengthening corporate governance and enhancing the integrity of analysts’ … Continue Reading


May 23, 2007

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

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