Majority Press Releases

March 9, 2007

SEN. DODD ANNOUNCES HEARING ON AVAILABILITY AND AFFORDABILITY OF INSURANCE IN THE GULF AND OTHER COASTAL STATES

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today in New Orleans that he will hold a hearing on the impact that Katrina and other natural catastrophes have had on the availability and affordability of insurance for families and businesses in the Gulf Coast and other coastal regions across the country. Chairman Dodd will examine the current practices of the insurance industry, specifically the claims processed post-Katrina and the… Continue Reading


March 6, 2007

Statement of Chairman Dodd In Response to Bernanke Comments on GSEs

“In my view, there is broad agreement that we should create a new regulator to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This new regulator must have a number of core powers in order to do its job effectively, and to be considered credible in the eyes of the public. These powers include: the ability to set both minimum and risk-based capital levels for the Enterprises; enhanced enforcement and prompt corrective action powers, including the authority to set and enforce p… Continue Reading


March 2, 2007

Chairman Dodd's Statement on Regulators’ Decision to Protect Subprime Borrowers

“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have alread… Continue Reading


March 2, 2007

STATEMENT OF CHAIRMAN DODD ON REGULATORS’ DECISION TO PROTECT SUBPRIME BORROWERS

“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have already extended… Continue Reading


March 1, 2007

Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Citigroup Decision on Credit Cards

Washington, D.C. - “I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security … Continue Reading


March 1, 2007

Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, on Citigroup Decision on Credit Cards

“I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security and prosperity. … Continue Reading


February 28, 2007

Opening Statement of Chairman Chris Dodd - Hearing on "Examining the Terrorism Risk Insurance Program"

Earlier this year, upon assuming the chairmanship of this Committee, I stated that the Committee should focus on two overarching goals -maintaining and improving our nation’s security and prosperity. The subject of today’s hearing—namely, a public-private partnership, created by the Terrorism Risk Insurance Act of 2002, to protect American workers, jobs, businesses and infrastructure from future terrorist attacks - is in my view critical to both the security and prosperity of our nation. … Continue Reading


February 27, 2007

DODD ADDRESSES CREDIT UNION NATIONAL ASSOCIATION GOVERNMENTAL AFFAIRS CONFERENCE

U.S. Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today addressed the Credit Union National Association (CUNA), highlighting and discussing the important role that credit unions can play in bringing access to credit to underserved communities, and the positive impact that has had in many communities throughout America. “Fundamentally, your customers seek a relationship that will provide them the tools to realize their dreams of a more secure, pros… Continue Reading


February 22, 2007

Statement of Senator Dodd on Hedge Fund Guidelines Issued by President’s Working Group

Statement of Senator Dodd on Hedge Fund Guidelines Issued by President’s Working Group "I commend Secretary Paulson's leadership in setting out a series of principles and guidelines for hedge funds. The report correctly identifies two vital public policy concerns - systemic risk and investor protection. I look forward to having the report’s authors come before the Committee to discuss the document in greater detail and to outline what, if any, steps they intend to take to ensure that these … Continue Reading


February 14, 2007

Opening Statement of Chairman Chris Dodd - Hearing on the Federal Reserve's Semi-Annual Monetary Policy Report

The Committee will come to order. This morning the Committee is pleased to welcome Federal Reserve Chairman Bernanke to deliver the Fed’s Semi-Annual Monetary Policy Report. I want to congratulate you for completing your first year as Chairman. Following in the footsteps of a very successful Chairman can be difficult - and is something that I can relate to. But I believe that you have done a very good job in gaining the respect and confidence of the markets and your colleagues on the Federal … Continue Reading


February 14, 2007

DODD CALLS REGULATORS’ RESPONSE TO PREDATORY LENDING “INADEQUATE”

Chairman Chris Dodd (D-CT) today expressed dissatisfaction with the response he received from federal regulators to a letter that he and other members of the Banking Committee sent in December. Sen. Dodd raised the issue directly with Federal Reserve Chairman Ben Bernanke during a hearing today. Sen. Dodd termed the response by Chairman Bernanke and fellow regulators to predatory lending “inadequate.” The letter urged the federal financial regulatory agencies to adopt the same guidelines that… Continue Reading


February 14, 2007

DODD URGES BERNANKE TO USE FED POWERS TO ACHIEVE GREATER SECURITY, OPPORTUNITY, PROSPERITY

Chairman Chris Dodd expressed concerns about the financial challenges facing Americans when he addressed the Chairman of the Federal Reserve, Ben Bernanke, at the Senate Banking, Housing, and Urban Affairs Committee hearing this morning. Chairman Dodd noted the persistence of economic struggles despite some positive U.S. economic developments, and urged Chairman Bernanke to use the Fed’s authority to help Americans achieve greater economic security, opportunity and prosperity. Senator Dodd c… Continue Reading


February 7, 2007

Opening Statement of Chairman Chris Dodd - Hearing on Preserving the American Dream: Predatory Lending Practices and Home Foreclosures

The Committee will please come to order. Today’s hearing is entitled Preserving the American Dream: Predatory Lending Practices and Home Foreclosures. This hearing is particularly timely in light of news that has been coming out in recent days about the wave of delinquencies and foreclosures facing American homeowners. Let me start by recognizing the work of Senators Allard, Bunning, Reed, and Schumer, who held joint subcommittee hearings last year to examine the impact of exotic mortgages… Continue Reading


February 7, 2007

DODD: CREATE, SUSTAIN, PRESERVE AND PROTECT THE AMERICAN DREAM OF HOME OWNERSHIP; STOP ABUSIVE PRACTICES IN THE HOUSING MARKET

Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee and a longtime advocate for affordable housing and home ownership, today convened a hearing on predatory lending practices in the mortgage market. At the hearing, entitled “Preserving the American Dream: Predatory Lending Practices and Home Foreclosures,” Dodd heard from two homeowners who were targets of abusive business practices. Delores King, who has owned her home in Chicago for 36 years, may lose h… Continue Reading


February 2, 2007

DODD: “WITH A LEVEL PLAYING FIELD, I BELIEVE THE AMERICAN WORKER AND THE AMERICAN ENTREPRENEURIAL SPIRIT CAN COMPETE WITH ANYONE IN THE WORLD.”

As part of his continuing months-long effort to ensure that American businesses and workers can compete successfully in the global marketplace, Chairman Dodd invited U.S. Secretary Henry Paulson to the Senate Committee on Banking, Housing and Urban Affairs discuss the Treasury Department’s practices and priorities. This was Sec. Paulson’s first testimony before Congress since he was sworn in last July. A longtime advocate for American job growth and retention, Senator Dodd emphasized: · … Continue Reading


February 1, 2007

Statement of Senator Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, on FDIC Decision On ILC’s

“I recognize and respect the FDIC’s decision to extend for one year the moratorium on applications for ILC ownership by commercial entities and proposing rules that seek to strengthen the application process for ILC ownership by financial companies. This moratorium will allow the Senate Banking Committee time to carefully examine this issue, which we will do in a thoughtful and deliberative manner.”… Continue Reading


January 31, 2007

Opening Statement of Chairman Chris Dodd - Hearing on Exchange Rate Policy with Treasury Secretary Henry Paulson

The Committee meets this morning to consider the Treasury Department’s Report on the International Economic and Exchange Rate Policy and the first meeting of the US-China Strategic Economic Dialogue. We are pleased to have our nation’s 74th Treasury Secretary Hank Paulson as our first witness. Mr. Secretary, welcome. In each of the past 5 years, this Committee, pursuant to statute, has received exchange rate reports and taken testimony from the Treasury Secretary. I want to take a moment to … Continue Reading


January 25, 2007

Opening Statement of Chairman Chris Dodd - Hearing to Examine the Billing, Marketing, and Disclosure Practices of the Credit Card Industry, and Their Impact on Consumers

Today is the first in a series of hearings on a subject matter that I believe is of critical importance -- credit cards. It is my hope that through these hearings this Committee, in a careful, thorough and open manner, will begin to examine both the positive and negative impacts that this important financial tool plays in the lives of millions of American consumers and our nation’s economy. It is my hope that this hearing entitled: Examining the Billing, Marketing, and Disclosure Practices … Continue Reading


January 25, 2007

Remarks of Sen. Christopher J. Dodd to the United States Conference of Mayors

Tonight’s dinner is being held to honor new leadership in the Congress. On that note, allow me to join in saluting our new Senate Majority Leader, Harry Reid, and our new Speaker of the House, Nancy Pelosi. They are off to an outstanding start as the new leaders of the Congress. This is my first address since being formally chosen as Chairman of the Committee on Banking, Housing, and Urban Affairs. I am pleased and honored to share my thoughts with you, the Mayors of America, and other… Continue Reading


January 23, 2007

DODD’S BANKING COMMITTEE: HELPING WORKING FAMILIES, PROMOTING ECONOMIC PROSPERITY

Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a press conference to discuss the recent market volatility and downturn in the American economy, as well as the priorities that the Banking Committee will focus on over the year ahead to help working families and businesses achieve economic security and prosperity. Below are his remarks as prepared: Good afternoon. Thank you for being here. I would like to speak… Continue Reading

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