Minority Press Releases

March 5, 2008

DODD INTRODUCES BILL IMPROVING PROGRAM TO HELP LOW-INCOME FAMILIES FIND HOUSING

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, yesterday introduced the Section 8 Voucher Reform Act of 2008 (SEVRA). The Section 8 program is a successful public-private partnership where local agencies assist families in renting private market housing. Currently, Section 8 vouchers are used by almost 2 million low-income families across the nation, including many of our nation’s most vulnerable - children, seniors, and peopl… Continue Reading


March 4, 2008

DODD CALLS FOR “SUBSTANTIAL, MEANINGFUL ACTION” FROM REGULATORS TO ADDRESS AMERICA’S CREDIT CRISIS

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing with federal bank regulators on “The State of the Banking Industry.” Dodd emphasized the important role that regulators play in securing credit in our economy, and in protecting American taxpayers who trust their deposits to be safe. In outlining the current financial strain on American consumers, entrepreneurs, and lenders, Dodd pointed to the failure of the Federal Reserve… Continue Reading


March 3, 2008

DODD ON TREASURY’S HOPE NOW ALLIANCE:

“The Treasury’s efforts are certainly one piece of the puzzle but, frankly, Hope Now does not have the resources or capacity to deal with the sheer size of the problem that has millions of Americans in financial dire straits. The program is far from perfect - repayment plans outnumber modifications by over two-to-one so far. There is also a question as to whether these modifications are long-term, or whether the servicers are simply adding arrears back into the loan, resulting in a higher pay… Continue Reading


February 14, 2008

DODD STATEMENT ON HOUSING STIMULUS PACKAG

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the announcement by Senate leadership of a housing stimulus package: “The face of the economic crisis is the housing crisis, and the face of the housing crisis is the foreclosure crisis. I've been working rigorously to find solutions to the problems of rising home foreclosures and the devastating impact they have on families and neighbor… Continue Reading


February 12, 2008

DODD: ADMINISTRATION’S PLAN WILL NOT STEM TIDE OF FORECLOSURES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the plan announced by six lenders and the Administration to give homeowners facing foreclosure a 30 day delay to work out their mortgages with lenders: “The industry and the Administration are running to catch up as fast as they can to a problem that is getting broader and deeper by the day, but they seem to be falling furt… Continue Reading


February 4, 2008

CHAIRMAN DODD ON BUSH’S BUDGET: AN OPPORTUNITY SQUANDERED

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing, and Urban Affairs, today issued the following statement on Bush’s misguided budget proposal: “The budget fails to take into account the needs of low- and moderate-income families all across our nation. “Given the economic downturn that our country is currently experiencing and indications that the economy will continue to slow down, President Bush should have proposed a budget that demonstrated a rea… Continue Reading


February 1, 2008

DODD ON JANUARY’S JOB LOSS:

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the Bureau of Labor Statistics announcement that 18,000 jobs were lost in January: “I support a short-term stimulus package that puts more money in the pockets of working families, and that stimulates the housing sector. I’m pleased that that there seems to be broad agreement in Washington - among the President and the Congr… Continue Reading


January 31, 2008

DODD: THE EPICENTER OF THIS ECONOMIC CRISIS IS THE HOUSING CRISIS

“Strengthening Our Economy: Foreclosure Prevention and Neighborhood Preservation” WASHINGTON, DC - As the nation experiences a dramatic economic slowdown and Congress considers economic stimulus packages to present to the President, Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, held his first hearing of the year on the root cause of the current problems in the economy: the tumult in the mortgage markets and the rising number of home foreclosures. … Continue Reading


January 30, 2008

DODD ON FED RATE CUT:

Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today issued a statement in response to the Federal Reserve Board’s announcement to cut interest rates: “Today’s interest rate cut by the Federal Reserve and this morning’s data showing dramatically slower economic growth indicate that the problems that originated in the sub-prime mortgage market continue to reverberate through the financial system and the broader economy. While the Fed’s recent action… Continue Reading


January 30, 2008

DODD: WE NEED TO PUT OUR ECONOMY BACK ON TRACK

Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing and Urban Affairs, today issued the following statement in reaction to the Bureau of Economic Analysis (BEA’s) announcement of the 4th Quarter Gross Domestic Product (GDP) numbers for 2007, which indicated 4th quarter growth slowed to 0.6%, a sharp contrast with the almost 5% growth from the previous quarter: “The drop in the GDP confirms what economists, businesses, policy makers, and individuals across the country hav… Continue Reading


January 29, 2008

DODD: HOUSE/ADMINISTRATION STIMULUS PACKAGE GOOD, MORE NEEDS TO BE DONE TO STRENGTHEN ECONOMY, ADDRESS HOUSING

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today spoke on the Senate floor about ways to stimulate the weakened U.S. economy. Dodd, who has repeatedly tied the recent economic downfall to the foreclosure crisis, has urged Congressional leaders to incorporate provisions that deal with the housing crisis in any stimulus bill they present to the President. Dodd will hold a hearing on this issue on Thursday. Below are his… Continue Reading


January 25, 2008

DODD TO PAULSON: HOUSING CRISIS CATALYST OF ECONOMIC CRISIS

Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today continued his efforts to address the recent weakening of the U.S. economy by meeting with Treasury Secretary Henry Paulson to discuss stimulus package proposals and efforts to reduce record foreclosure rates which are forcing people out of their homes. Dodd, who has tied the recent economic downturn to the foreclosure crisis, has urged leaders in Congress and the Administration to incorporate provisi… Continue Reading


January 23, 2008

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


January 23, 2008

DODD RECOMMENDS FORECLOSURE PREVENTION COMPONENTS FOR STIMULUS PACKAGE

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, yesterday sent a letter to Majority Leader Reid recommending that any potential stimulus bill should include several provisions to help American homeowners avoid foreclosure, help local governments deal with foreclosed and abandoned properties, and modernize the Federal Housing Administration (FHA), among others. Click here for the full text of the letter .… Continue Reading


January 15, 2008

INFRASTRUCTURE BILL AUTHOR DODD: VITALLY IMPORTANT TO RENEW, REBUILD NATION’S INFRASTRUCTURE

Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Banking, Housing and Urban Affairs Committee, made the following statement in reaction to a report issued today by the National Surface Transportation Policy and Revenue Study Commission on America’s transportation needs: “This is an important report. I look forward to examining and studying its recommendations in greater detail. Each and every day millions of Americans rely on our nation’s roads, bridges, a… Continue Reading


January 10, 2008

SENATE BANKING COMMITTEE CHAIRMAN DODD NAMES AMY FRIEND MAJORITY CHIEF COUNSEL

Senator Chris Dodd, D-CT., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, has named Amy Friend Chief Counsel for the Committee. Friend currently serves as Assistant Chief Counsel at the Office of the Comptroller of the Currency (OCC). “Amy’s experience, knowledge, and expertise make her a wonderful addition to the Banking Committee staff, said Dodd. “Her talents and the wealth of private and public experience she possesses will be of enormous benefit to the Committe… Continue Reading


December 21, 2007

DODD HIGHLIGHTS BANKING COMMITTEE ACCOMPLISHMENTS

Washington, D.C. - Nearing the end of his first year as Chairman of the Senate Banking, Housing and Urban Affairs Committee, Senator Chris Dodd, D-Conn., highlighted the bipartisan accomplishments of the Committee this year and commended Committee members for producing an extensive list of legislative achievements that strengthen security, expand opportunity, and increase prosperity for all Americans. Highlights of the Senate Banking Committee’s legislative accomplishments during the 110th Cong… Continue Reading


December 19, 2007

DODD, SHELBY REACT TO TREASURY SEMI-ANNUAL CURRENCY REPORT

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 made the following statements in reaction to the Treasury Department semi-annual currency report that is required by law to be delivered to the Banking Committee: “Today’s Treasury report acknowledges China’s massive intervention to keep its currency undervalued. In essence, Treasury admits there is smoke but refus… Continue Reading


December 19, 2007

Statement of Senator Dodd, Chairman of the Senate Banking Committee, on Morgan Stanley-China Investment Corporation Deal

“Earlier this year, the Senate Banking Committee enacted legislation to tighten the federal review and approval process for foreign investments in the United States, particularly by foreign governments. A Chinese sovereign wealth fund is now proposing to acquire a sizable interest in Morgan Stanley. As Chairman of the Senate Banking Committee, I need to know more about the specifics of this deal, including whether a CFIUS review is warranted, before coming to any conclusions about this matter.… Continue Reading


December 18, 2007

Statement of Senator Dodd on House Passage of Senate TRIA Bill

“I commend the House for their approval of this measure. It will help to protect our nation’s workers and businesses from the risk of terrorism and help to ensure that our economy is able to thrive and create jobs. This is a carefully crafted, strong and balanced bill that the President has said he will sign into law. I want to thank Senator Shelby, Majority Leader Reid, Republican Leader McConnell, Chairman Frank and others who helped make this day a reality.” Senator Dodd co-authored th… Continue Reading

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