Minority Press Releases

November 12, 2008

DODD STATEMENT ON GOVERNMENT LOAN MODIFICATION PROGRAM

"This is a constructive step forward. However, I regret that the industry did not take it much, much earlier when it might have done more to stem the overwhelming tide of foreclosures ravaging our neighborhoods and forcing thousands of American families from their homes. Moreover, this should not be considered a replacement for the guarantee program authorized by the recently-enacted financial rescue law which the FDIC has agreed to operate. We are still awaiting agreement from the Treasury … Continue Reading


November 6, 2008

CHAIRMAN DODD LAYS OUT PRIORITIES FOR 111TH CONGRESS

WASHINGTON, DC - Senator Chris Dodd (D-CT) announced today that he will continue to serve as the Chairman of the Senate Committee on Banking, Housing and Urban Affairs in the 111th Congress. Chairman Dodd pledged to continue to work with Ranking Member Richard Shelby (R-AL) as well as Senate leadership and the new Administration to build an economy that is strong and in which every American has the opportunity to succeed. "If we are going to be strong in the world, we must be strong at home," … Continue Reading


November 3, 2008

BANKING COMMITTEE MEMBERS URGE PRESIDENT BUSH TO ADDRESS FORECLOSURE CRISIS

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with several other members of the Committee, today sent a letter to President Bush urging the Administration to address the root cause of our nation's economic problems - the foreclosure crisis. The Emergency Economic Stabilization Act gives the Administration considerable new authority to prevent foreclosures. While recent news reports have indicated that the Administratio… Continue Reading


October 30, 2008

Statement of Chairman Dodd on Federal Reserve Rate Cut

"Today's interest rate cut is a welcome step to the extent that it facilitates the unlocking of our credit markets so that businesses can continue to operate and American families are able to afford homes, cars and to send their children to college. Recent rate cuts, including today's, also underscore Chairman Bernanke's foresight in rejecting calls by other Federal Reserve Governors to raise interest rates several months ago. "However, this action alone will not solve our current economic pro… Continue Reading


October 29, 2008

The Federal Reserve's Report on the Money Market Investor Funding Facility

For the federal reserve's report on the money market investor funding facility click here… Continue Reading


October 15, 2008

Statement of Chairman Dodd on Reports from Federal Reserve

WASHINGTON, DC - As part of the recently-enacted Emergency Economic Stabilization Act, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, successfully worked to require the Federal Reserve to report to the Congress when it undertakes loans made under unusual and exigent circumstances. Dodd released the following statement after receiving the first two reports from the Federal Reserve: "I appreciate that the Federal Reserve has submitted the initia… Continue Reading


October 14, 2008

DODD SUPPORTIVE OF ADMINISTRATION'S PLAN, OUTLINES CONSUMER-FOCUSED AGENDA TO COMPLETE ECONOMIC RECOVERY

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that he is supportive of the Administration's plan to use the authority granted by the Emergency Economic Stabilization Act passed by Congress last month. This legislation expanded the range of options that federal agencies can use to intervene in the economy, including direct liquidity injections into our nation's banks. This assistance will be subject to the pro… Continue Reading


October 3, 2008

DODD STATEMENT ON HOUSE PASSAGE AND PRESIDENT'S SIGNATURE OF THE EMERGENCY ECONOMIC STABILIZATION ACT

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the House of Representatives passed and the President signed the Emergency Economic Stabilization Act: "I commend Chairman Frank, Speaker Pelosi, and Congressmen Emanuel, Boehner and Blunt for their contributions to this bipartisan, bicameral effort. "With this legislation, Congress has sent a strong message to the American people -… Continue Reading


October 1, 2008

STATEMENT OF SENATOR DODD ON SENATE PASSAGE OF THE EMERGENCY ECONOMIC STABILIZATION ACT

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the Senate passed the Emergency Economic Stabilization Act: "The legislation that the Senate passed tonight is the product of thoughtful and deliberate bipartisan cooperation, and is a vast improvement over the blank check that the Administration sought just days ago. The Emergency Economic Stabilization Act will not only provide stabi… Continue Reading


October 1, 2008

DODD ANNOUNCES LAUNCH OF HOPE FOR HOMEOWNERS PROGRAM

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced the enactment of the HOPE for Homeowners program, a voluntary initiative to help distressed borrowers refinance their mortgages. HOPE for Homeowners was established as part of the Housing and Economic Recovery Act (HERA), comprehensive housing legislation that Senator Dodd authored along with Senator Richard Shelby (R-AL) and Congressman Barney Frank (D-MA). HERA … Continue Reading


October 1, 2008

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 Oct. 1, 2008- The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link For one-page summary of the EESA: Click link For section-by-section analysis of the EESA: Click link… Continue Reading


September 25, 2008

DODD REACTS TO PRESIDENT'S ADDRESS

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement after the President's address tonight: "It is regrettable that 40 days before an election, it has taken the worst economic crisis in our nation since the Great Depression to finally get the attention of the President. Until this point, the cries for help from millions of Americans being forced from their homes and struggling to make ends meet fell… Continue Reading


September 22, 2008

DODD AVAILABILITY TODAY

WASHINGTON - Senator Chris Dodd (D-CT) will hold a meeting with some of his Democratic and Republican Banking Committee colleagues today to discuss the legislation that he has drafted based on the Treasury Department's proposal as received by Congress over the weekend. The meeting will occur at 3:15 p.m. TODAY in Russell Senate Office Building Room 448. Cameras are invited to spray the room at the top, and Dodd will be available to speak with reporters immediately following the meeting. -3… Continue Reading


September 22, 2008

CHAIRMAN DODD: WORKING TO STABILIZE ECONOMY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after receiving a proposal from the Administration on how to address our economic crisis: "At this critical moment in time, we are working as expeditiously as we can to help stabilize the economy in a manner that protects taxpayers and promotes homeownership. I have spoken with Secretary Paulson, and am working with my Democratic and Republ… Continue Reading


September 19, 2008

DODD STATEMENT ON MEETING WITH ADMINISTRATION, CONGRESSIONAL LEADERS

"This evening's meeting is a testament to the extremely serious challenges facing our economy. Tonight, the Administration put forward some constructive ideas, and I look forward to receiving more details. Bad lending practices and lax oversight are the root cause of this crisis. As such, a comprehensive and constructive proposal must include relief for millions of American homeowners facing foreclosure. I am committed to working with the Administration and my Democratic and Republican colleague… Continue Reading


September 17, 2008

DODD STATEMENT ON AIG

"I appreciate Chairman Bernanke and Secretary Paulson informing me of their decision regarding AIG. This decision is a clear sign that the financial crisis - which is a direct consequence of this Administration's neglect and wayward economic policies - continues to deepen. Actions that were inconceivable just days ago are now occurring in a manner and at a pace that is certainly cause for concern. The Banking Committee will continue to play a constructive role in resolving this crisis. In or… Continue Reading


September 15, 2008

DODD STATEMENT ON MARKET TURMOIL

"The economic crisis facing our country is deepening, as we saw over the weekend with the failure of Lehman Brothers and the sale of Merrill Lynch. To fully understand the implications of these events, we need to learn more about the Administration's involvement, and its plans going forward. At the Treasury Secretary's request, I have postponed tomorrow's hearing. "Millions of Americans are struggling to make ends meet as unemployment rises, home values plummet, and everyday necessities like … Continue Reading


September 12, 2008

DODD: UNFAIR LENDING PRACTICES FORM DISTURBING TREND

Washington, DC - Today, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on Home Mortgage Disclosure Act data released by the Federal Reserve, which showed that denial rate differences based on race widened from 2006 to 2007: "This data is further proof of a disturbing and continuing trend of unfair lending practices in our country. At a time when turmoil in the mortgage markets caused by unfair and unsound lendin… Continue Reading


September 8, 2008

DODD STATEMENT ON ADMINISTRATION'S PLAN FOR FANNIE MAE & FREDDIE MAC

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "There are still many unanswered questions about the Administration's plan, and Americans deserve to know if this unprecedented proposal will help keep mortgages affordable, stabilize the markets, and protect taxpayer interests. Furthermore, we need to understand the circumstances which led the Administration to change course. Just weeks ag… Continue Reading


September 8, 2008

DODD STATEMENT ON PLAN FOR GOVERNMENT-SPONSORED ENTERPRISES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "I spoke with Secretary Paulson yesterday and was advised of the Administration's intent to use its new authority to act in connection with the GSEs. Any government action must help to strengthen our economy, which is suffering a crisis brought on by the Administration's failure to stop predatory lending and promote sound economic growth. Th… Continue Reading

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