Minority Press Releases

November 10, 2009

FINANCIAL REFORM DISCUSSION DRAFT SUMMARY

Click here to view summary of the bill… Continue Reading


October 29, 2009

BANKING COMMITTEE APPROVES DODD-SHELBY IRAN SANCTIONS BILL

WASHINGTON - Today the Senate Banking Committee unanimously approved the Dodd-Shelby Comprehensive Iran Sanctions, Accountability, and Divestment Act. "Earlier this year, I believe that all of us were deeply troubled to see the Iranian regime violently punishing its own citizens for calling for fair and open elections in their nation. And we have watched with growing concern the illicit nuclear activities of this troubled regime, including their deception about the previously secret enrich… Continue Reading


October 29, 2009

DODD PRAISES AGREEMENT TO EXTEND THE HOMEBUYERS TAX CREDIT

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) praised the agreement to ensure that Americans would continue to have access to the Homebuyers Tax Credit. This tax credit is working to turn around the housing market and build economic security for millions of middle class families. Dodd had joined Senator Johnny Isakson (R-GA) in pushing to extend the credit. The final agreement includes Dodd and Isaksons' provision to extend the credit to people looking to buy a … Continue Reading


October 29, 2009

DODD, ISAKSON TO DISCUSS DEAL ON HOMEBUYER TAX CREDIT EXTENSION

WASHINGTON -TODAY at 1:30 P.M., Senate Banking Committee Chairman Chris Dodd (D-CT) and Senator Johnny Isakson (R-GA) will hold a press conference to discuss the agreement reached to extend the Homebuyers Tax Credit through April 30, 2010. Dodd had joined Isakson in pushing for an amendment to extend the credit to the bill to extend unemployment insurance. The final agreement included Dodd and Isaksons' provision to extend the credit to people looking to buy a new home after having owned… Continue Reading


October 26, 2009

DODD INTRODUCES BILL TO IMMEDIATELY FREEZE CREDIT CARD INTEREST RATES

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) will introduce a bill to immediately freeze credit card interest rates, fees and finance charges on existing balances. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act enacted in May prevents arbitrary interest rate, fee and finance charge increases on a customer's existing balance. Unfortunately, credit card companies have been jacking up rates in a last ditch effort to squeeze customers befor… Continue Reading


October 23, 2009

DODD ON FEINBERG DECISION ON EXECUTIVE COMPENSATION

STAMFORD, CT - Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Kenneth R. Feinberg, Special Master for Executive Compensation under TARP, on executive compensation. "In this country, you are supposed to be rewarded for hard work. But for folks on Wall Street to be giving out outrageous compensation packages, in the middle of a recession, as they are being propped up by taxpayer dollars is obscene," said Dodd. "Mr. Feinberg sho… Continue Reading


October 20, 2009

DODD CALLS FOR EXTENSION OF HOMEBUYER TAX CREDIT

WASHINGTON - Today at hearing on the State of the Nation's Housing Market Senate Banking Committee Chairman Chris Dodd (D-CT) joined Senator Johnny Isakson (R-GA) in calling for an extension of the homebuyer tax credit. "As part of the economic recovery package, we created an $8,000 first time home buyers' tax credit, replacing an unsuccessful and overly complex loan program with one that is already having an impact," Dodd explained. "The homebuyer tax credit has already been used by nearly… Continue Reading


October 19, 2009

DODD, REED, SCHUMER, BROWN, AND MERKLEY UNVEIL BILL TO PROTECT CUSTOMERS FROM ABUSIVE CHECKING ACCOUNT OVERDRAFT FEES

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) will file The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a bill to protect Americans from excessive checking account overdraft fees. Senators Jack Reed (D-RI), Chuck Schumer (D-NY), Sherrod Brown (D-OH), and Jeff Merkley (D-OR) are original co-sponsors of the bill. "At a time when many can afford it least, American consumers are being hit with hundreds of dollars in penalties for overdrawing… Continue Reading


October 9, 2009

DODD JOINS OBAMA IN CALLING FOR INDEPENDENT CONSUMER FINANCIAL PROTECTION AGENCY

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) attends a meeting at the White House today to hear from five Americans who have suffered under the outdated rules governing our financial system. Dodd joins President Barack Obama, Treasury Secretary Tim Geithner, and House Financial Services Committee Chairman Barney Frank in calling on Americans to stand up to opponents of a new Consumer Financial Protection Agency. Dodd issued the following statement. "It's stu… Continue Reading


October 8, 2009

DODD PROBES ROLE GOVERNMENT-SPONSORED ENTERPRISES SHOULD PLAY TO STRENGTHEN THE AMERICAN HOUSING MARKET

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) held an oversight hearing to probe the role that Government-Sponsored Enterprises should play to ensure the future strength of the American housing market. "Let's not forget what we're really talking about here. We're talking about whether responsible homeowners will have the access to the home loans they need to realize their American dream of homeownership," said Dodd. "As we look forward, we must start by setting… Continue Reading


October 6, 2009

DODD CALLS ON CREDIT CARD COMPANIES TO FOLLOW BOFA’S COMMITMENT TO NOT RAISE RATES OR CHANGE TERMS ON CUSTOMERS

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) called on credit card companies to follow Bank of America's commitment to not raise interest rates or change terms on customers until consumer protections included in the Credit CARD Act go into effect. In a letter to Chairman Dodd, the Director of Bank of America's Federal Government Relations wrote "Bank of America will not implement any change in terms (risk or economic based) re-pricing of consumer credit card account… Continue Reading


October 6, 2009

DODD ON IRAN: “WE MUST NOT LET UP NOW”

WASHINGTON - Today Senate Banking Chris Dodd (D-CT) held a hearing to discuss US policy options for dealing with Iran, including those contained in comprehensive sanctions legislation Chairman Dodd announced last week. "Increased international pressure and the specter of biting sanctions are clearly what have brought Iran to the table for substantive talks," said Dodd. "Worldwide condemnation of Tehran's secret enrichment activities, its human rights abuses and post-election crackdown has … Continue Reading


September 29, 2009

DODD CONTINUES PUSH TO STRENGTHEN BANK REGULATION

Reiterates Support for Single Bank Regulator, Support for Community Banks "The most common argument is not that it's a bad idea - rather consolidation is too politically difficult to achieve. That argument doesn't work terribly well with me." WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing on how to best strengthen bank regulation. A wide range of experts agree that the nation's convoluted system of bank regulation contributed to the financial crisis.… Continue Reading


September 29, 2009

DODD ANNOUNCES PLAN FOR IRAN SANCTIONS BILL

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to expand the President's ability to sanction Iran as the United States heads towards negotiations with that country. The Senate Banking Committee has jurisdiction over financial and economic sanctions. "If Iran were to acquire nuclear weapons capability, it would pose a significant threat to peace and security in the Middle East, especially to our close ally Israel," said Dodd. "That is … Continue Reading


September 24, 2009

DODD STATEMENT: ONE YEAR LATER, URGENT NEED TO REFORM FINANCIAL REGULATIONS

WASHINGTON - Today, at a hearing to continue oversight of the Emergency Economic Stabilization Act one year after its enactment, Senate Banking Committee Chairman Chris Dodd (D-CT) warned that reforms are needed to ensure the regulatory failures that brought our economy to the brink of collapse are not repeated. "Are any of us glad that we had to spend this money? Absolutely not, it was a tragic time for our country. I share the anger and frustration that many of our colleagues and our fel… Continue Reading


September 23, 2009

DODD STATEMENT ON BANK CHANGES TO OVERDRAFT FEES

WASHINGTON - Five days after Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to rein in abusive overdraft fees, the nation's two largest banks announced steps towards needed reforms. J.P. Morgan Chase and Bank of America today announced they would limit fees charged to customers for overdrawing their bank accounts. "These are positive changes, but the system has gotten completely out of whack," said Dodd. "We are talking about abusive practices that never … Continue Reading


September 18, 2009

DODD TO INTRODUCE LEGISLATION TO REIN IN EXCESSIVE CHECKING ACCOUNT OVERDRAFT FEES

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to protect Americans from excessive checking account overdraft fees. "Excessive, automatic overdraft fees are forcing many American families deeper into debt at a time when they are already struggling to make ends meet," said Dodd. "I am working on a bill to protect consumers from these fees." So-called "overdraft protection programs" enable customers to overdraw their accounts, … Continue Reading


September 17, 2009

SENATE APPROVES DODD’S BILL TO STRENGTHEN MANUFACTURING CRITICAL TO AMERICA’S SECURITY

WASHINGTON -Last night the Senate passed a bill, authored by Senate Banking Committee Chairman Chris Dodd (D-CT) and cosponsored by Banking Committee Ranking Member Richard Shelby (R-AL), to reform and reauthorize the Defense Production Act. The bill strengthens America's manufacturing base for products critical to America's security. This includes industries that support our nation's energy and infrastructure needs, and help civilian agencies and the military respond to crises at home an… Continue Reading


September 14, 2009

DODD ON ECONOMIC REFORMS

WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT), issued the following statement following the President's address on the economy. "The President got it right. We need 'change and change now'," said Dodd. "One year after Lehman Brothers collapsed many of the same risks to our financial sector remain. Companies that used to be too big to fail have only gotten bigger and now they're back to business as usual. But for millions of Americans who have lost their ho… Continue Reading


September 10, 2009

DODD STATEMENT: HEARING ON SEC IG INVESTIGATION INTO MADOFF SCANDAL

WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT), held a hearing on the recent report issued by the Inspector General of the Securities and Exchange Commission on their Investigation into the failure of the SEC to uncover the Bernard Madoff Ponzi scheme. The Committee heard from the SEC Inspector General H. David Kotz, who discussed the findings of his report released last week detailing SEC failures, along with Harry Markopolos, a fraud examiner who repeatedly warned… Continue Reading

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