Minority Press Releases

July 23, 2009

DODD: HOW DO WE PROTECT MAIN STREET FROM WALL STREET?

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing to ask top financial regulators how to create a framework to protect Americans from the giant risks that caused the current financial crisis. "Wall Street's failures have hit Main Streets across the country. It will take years, perhaps decades, to undo damage that a stronger regulatory system would have prevented," Dodd said. "While many Americans understand why we had to take extraordinary measures this… Continue Reading


July 22, 2009

DODD TO FED CHIEF: RECOVERY WON’T BE REAL UNTIL AND UNLESS IT’S FELT ON MAIN STREET

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) pushed the Federal Reserve Board Chairman on when government efforts to turn around the economy will reach struggling Americans. "Positive indicators seem to be stuck at the top," said Dodd. "And we all work for the American people. When can they expect the recovery that they have funded? When will working families see their rally? Their pay raise? Their jobs being stabilized?" Chairman Dodd laid out two fundamen… Continue Reading


July 16, 2009

DODD ON FORECLOSURES: EXPLAIN TO ME WHY NOTHING HAS CHANGED OVER THE LAST TWO YEARS

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) expressed frustration that, despite endless assurances, little has been accomplished by way of stemming the tide of foreclosures and he pressed the need for principal reduction to stabilize the housing market, a key element of economic recovery. This morning the Associated Press is reporting "The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more… Continue Reading


July 15, 2009

DODD ON FINANCIAL CRISIS COMMISSION MEMBERS

WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi of six appointments to the 10-member Financial Crisis Inquiry Commission, established by Congress to examine the domestic and global causes of the financial crisis. Chairman Dodd co-sponsored the amendment to create the commission as part of the Fraud Enforcement and Recovery Act in April of this year. "Th… Continue Reading


July 14, 2009

DODD ON THE NEED FOR FINANCIAL PROTECTIONS

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) responded to critics of the proposal to create an independent Consumer Financial Protection Agency that will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. "We have been faced with a radical situation in our country," said Dodd. "This is unprecedented. And in a lot of respects the classical model has fallen apart, and the people wh… Continue Reading


July 10, 2009

DODD, FRANK ASK REGULATORS TO ADDRESS 2ND MORTGAGES VALUATION PROBLEMS THAT DISCOURAGE LOAN MODIFICATIONS

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to the heads of the bank regulatory agencies asking them to address whether banks are inflating the value of 2nd mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling programs designed to prevent foreclosures. Across the country housing prices have dropped and many Americans ow… Continue Reading


July 9, 2009

DODD DEMANDS STRICT REGULATIONS TO REVIEW AND REDUCE CREDIT CARD RATE HIKES

Increases Since January 1st, 2009 Will Be Subject to Review Every Six Months Calls On Regulators to Act to Protect Customers WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) sent a letter to the Chairman of the Federal Reserve and the heads of key regulatory agencies directing them to write and enforce robust rules to implement new requirements that credit card companies review rate increases on their customers implemented since January 1st of this year. The Credi… Continue Reading


July 7, 2009

DODD STATEMENT: ADDRESSING CLIMATE CHANGE WITH PUBLIC TRANSPORTATION

WASHINGTON -Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, called for a new approach to investments in public transportation at this morning's hearing to examine transit's role in America's effort to combat climate change. "Investing in public transportation as part of a focus on sustainable development isn't just a part of the solution to the climate crisis. It cuts down on traffic congestion - and, being from Connecticut, I know a little bit … Continue Reading


June 30, 2009

DODD: OBAMA LAYS OUT “BOLD, AGGRESSIVE” PLAN FOR CONSUMERS

WASHINGTON - Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Obama Administration today released its legislative proposal to create an independent Consumer Financial Protection Agency that will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. "The Administration is addressing the colossal failures that led to the economic … Continue Reading


June 24, 2009

DODD STATEMENT ON CITIGROUP PAY HIKES

WASHINGTON - Today Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement in reaction to news that Citigroup, a recipient of significant taxpayer funds under the Troubled Assets Relief Program, was announcing pay hikes. Yesterday the Bureau of Labor and Statistics announced that in May there were 2,933 mass layoff actions involving 312,880 workers. Mass layoff events and initial claims rose to their highest levels on recor… Continue Reading


June 24, 2009

DODD, DEMOCRATS PRESS TREASURY TO USE ITS LEVERAGE TO HELP STRUGGLING HOMEOWNERS

WASHINGTON, DC - In an effort to help stabilize the housing market and ensure that banks and loan servicers are held accountable to requests for needed assistance, U.S. Senators Chris Dodd (D-CT), Jack Reed (D-RI), and 18 of their Senate colleagues sent a letter to U.S. Treasury Secretary Timothy Geithner urging him to develop and implement a strategy requiring banks and loan servicers participating in the Administration's foreclosure prevention programs to effectively respond to qualified homeo… Continue Reading


June 18, 2009

DODD SLAMS FINANCIAL INDUSTRY FOR OPPOSING CONSUMER PROTECTIONS

WASHINGTON - Citing a story in this morning's Washington Post, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today slammed financial industry groups who have expressed opposition to the Obama Administration's proposal to create an independent consumer financial protection agency. Dodd is an outspoken advocate for the creation of such an agency, and reiterated his strong support for the idea at today's Banking Committee hearing where Treasury… Continue Reading


June 17, 2009

DODD STATEMENT ON OBAMA ADMINISTRATION’S PLAN TO MODERNIZE FINANCIAL REGULATION AND SUPERVISION

WASHINGTON - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after President Obama unveiled his plan to modernize financial regulation and supervision: "The proposal President Obama laid out today sets the stage for what will be a historic undertaking - building the foundation for a safer, stronger financial system. Consumer protection must be at the center of this effort, and I applaud the President … Continue Reading


June 16, 2009

DODD ANNOUNCES BANKING COMMUNICATIONS TEAM

WASHINGTON - Today Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that he has hired Kirstin Brost to be the committee's new Communications Director and promoted Justine Sessions to the position of Press Secretary. "This is an historic moment for the Banking Committee as we work with President Obama to build the foundations for a stronger and safer financial system that puts America on a path towards recovery," said Dodd. "As I travel ar… Continue Reading


June 16, 2009

DODD WELCOMES CREATION OF INTERAGENCY PARTNERSHIP FOR SUSTAINABLE COMMUNITIES

WASHINGTON - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, welcomed the Obama Administration's announcement of a new interagency Partnership for Sustainable Communities that will help improve access to affordable housing, expand transportation options, and lower transportation costs while protecting the environment and combating climate change in communities nationwide. Transportation Secretary Ray LaHood, Housing and Urban Development … Continue Reading


June 11, 2009

DODD OUTLINES PLAN FOR INDEPENDENT CONSUMER PROTECTION AGENCY

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that he believes any effort to reform the regulatory structure of the American financial system should include an independent consumer protection agency that will regulate credit and bank products and protect American consumers from predatory financial practices. "The economic mess we're in is rooted in a spectacular failure of consumer protection. Fo… Continue Reading


June 10, 2009

DODD STATEMENT ON OBAMA ADMINISTRATION’S EXECUTIVE COMPENSATION PROPOSALS

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement regarding the Obama Administration's proposals to curb executive compensation: "Executive compensation has spiraled completely out of control - instead of rewarding long term success it has rewarded short-term gains and encouraged excessive risk-taking. What's particularly offensive is that many companies who are relying on taxpayer … Continue Reading


June 10, 2009

DODD PRAISES FEDERAL RESERVE REPORT

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Federal Reserve issued the first in an ongoing series of monthly reports on its balance sheet: "This report is an important step in our ongoing efforts to bring greater transparency to the Fed's efforts to stabilize the economy. I commend Chairman Bernanke for initiating this series of reports in response to our budget amendm… Continue Reading


June 9, 2009

DODD URGES FED TO PROTECT CONSUMERS FROM ABUSIVE OVERDRAFT FEES

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, urged the Federal Reserve to act as soon as possible to protect consumers from abusive overdraft fees. In a letter to Fed Chairman Ben Bernanke, Dodd called on the Fed to finalize a proposed rule that would curb the use of excessive and unfair fees when consumers overdraw their bank accounts. Dodd further pressed the Fed to implement an "opt-in" approach to overdraft fees… Continue Reading


June 8, 2009

DODD CALLS FOR ROBUST FUNDING FOR HOUSING AND COMMUNITY DEVELOPMENT PROGRAMS

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, called on Senate Appropriations Committee members as well as members of the Subcommittee on Transportation, Housing and Urban Development to provide ample funding for housing and community development activities in the Fiscal Year 2010 Transportation and Housing and Urban Development appropriations bill. "As you know, our nation is facing great housing and economic challenges… Continue Reading

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