Minority Press Releases

July 29, 2008

TODAY: DODD CONVENES HOPE FOR HOMEOWNERS BOARD

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today will convene a meeting with members of the Oversight Board of HOPE for Homeowners to ensure the timely implementation and operation of the program. HOPE for Homeowners, an initiative established by the Housing and Economic Recovery Act which passed the Senate on Saturday and which the President has said he will sign into law, is expected to help prevent foreclosure for hundr… Continue Reading


July 28, 2008

TOMORROW: DODD TO HOLD HEARING ON THE STATE OF THE NATION?S INSURANCE INDUSTRY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, will hold a hearing tomorrow to examine the state of our nation's insurance industry. The Committee will hear from industry and consumer experts on the current state of insurance regulation and oversight. Witnesses are also expected to testify on ways to promote competition and efficiency in the U.S. insurance marketplace, and how to enhance consumer protection. WHO: … Continue Reading


July 28, 2008

MAJOR LEGISLATION TO STRENGTHEN ECONOMY AND HELP HOMEOWNERS NATIONWIDE PASSES SENATE 72-13

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Senate passed the Housing and Economic Recovery Act by a vote of 72-13. This legislation is expected to help hundreds of thousands of Americans who are struggling to keep their homes, as well as countless homeowners and communities who are already experiencing the devastating effects of foreclosure. The legisl… Continue Reading


July 24, 2008

DODD AND SHELBY ANNOUNCE AGREEMENT ON HOUSING BILL, COMMEND BILL PASSAGE IN HOUSE

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today formally announced an agreement with the House of Representatives and the Administration on comprehensive legislation to address the current housing crisis and strengthen our economy. Dodd and Shelby also commended the House of Representatives for passing the legislation, which was sent to the House from the Senate last week and… Continue Reading


July 23, 2008

DODD, SHELBY TO SPEAK ON HOUSING BILL

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, will hold a press conference today to discuss the housing legislation that is being considered by Congress. WHO: Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) WHAT: Press conference to discuss housing legislation WHEN: 12:30 P.M. TODAY, Wednesday, July 23rd WHERE: Senate Radio/TV Gallery -30-… Continue Reading


July 23, 2008

DODD, SHELBY STATEMENT ON HOUSING LEGISLATION

"We have been working diligently for months on legislation to address the housing crisis. Last week we sent legislation to the House. Since then, we have been engaged in extensive and largely fruitful discussions with our counterparts in the House of Representatives, as well as Administration officials. We remain optimistic about the prospects for this legislation." -30-… Continue Reading


July 18, 2008

SENATE BANKING COMMITTEE PASSES BIPARTISAN IRAN SANCTIONS LEGISLATION

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee passed "The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2008" by a vote of 19 to 2. The Banking Committee exercises jurisdiction over virtually all aspects of U.S financial and economic sanctions policy toward Iran, including the U.S. trade and investment ban administered by t… Continue Reading


July 18, 2008

DODD, SHELBY ANNOUNCE BIPARTISAN IRAN SANCTIONS LEGISLATION

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that they have reached a bipartisan agreement on legislation that will expand U.S. sanctions on Iran with respect to weapons proliferation, support for terrorism, and the destabilization of its neighbors in the Middle East. The Banking Committee will consider the legislation on Thursday. "Iran's missile tests last wee… Continue Reading


July 14, 2008

TOMORROW: DODD CONVENES BANKING COMMITTEE FOR TWO HEARINGS

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow the Committee will hold a second hearing in addition to a previously planned hearing where Federal Reserve Board Chairman Ben Bernanke will deliver the Semiannual Monetary Policy Report to the Congress. At the second hearing, Chairman Bernanke, SEC Chairman Christopher Cox, and Treasury Secretary Henry Paulson will testify on recent market developments and… Continue Reading


July 14, 2008

DODD STATEMENT ON FED'S NEW REGULATIONS FOR LENDERS

"Today's Federal Reserve Board regulations should help to put an end to certain abusive lending practices. Too many homeowners have been put into loans that are unaffordable, and as a result, we are now seeing the devastating effects of the failure of millions of mortgage loans. My initial reaction is that, if effectively followed and enforced, the new regulations, though not strong enough in all areas, will help to prevent similar abuses in the future. Under these regulations, lenders will o… Continue Reading


July 14, 2008

TODAY: DODD TO SPEAK ON MARKETS, ADMINISTRATION PROPOSALS

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, will hold a conference call with reporters today on the state of the economy and the Administration's proposals to help restore confidence in Fannie Mae and Freddie Mac. WHO: Chairman Chris Dodd WHEN: 2:30 p.m. TODAY, Monday, July 14th CALL-IN: For call-in information, please contact Kate Szostak at kate_szostak@banking.senate.gov. -30-… Continue Reading


July 14, 2008

DODD STATEMENT ON FANNIE MAE, FREDDIE MAC

"The Administration's failure to prevent bad lending practices has caused unprecedented hardship in the form of record foreclosures and market turmoil. Now, homeowners across the country and our entire financial system are suffering the consequences. Regrettably, the Administration has refused to develop or support any meaningful effort to help keep Americans in their homes and preserve efficiency and stability in our markets. "First and foremost, we must enact the bipartisan housing bill tha… Continue Reading


July 14, 2008

DODD STATEMENT ON CLOSURE OF INDYMAC

"IndyMac's closure is the latest example of the severe consequences associated with risky mortgage lending practices, coupled with regulatory failures which allowed these risky lending practices to occur. This combination of risky lending and lax regulation is largely responsible for the current problems in our housing markets and overall economy. I intend to thoroughly examine the implications of this failure. That said, I am confident in the strength and stability of our banking system, and… Continue Reading


July 14, 2008

DODD-SHELBY LEGISLATION TO ADDRESS NATIONAL HOUSING CRISIS PASSES SENATE

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Senate passed the Housing and Economic Recovery Act. This landmark bipartisan legislation drafted by Dodd and Shelby includes major efforts to address the root of our economic problems - the housing crisis - by providing relief to hundreds of thousands of American homeowners and introducing broad improvements t… Continue Reading


July 9, 2008

DODD STATEMENT ON IRAN MISSILE FIRING

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in response to reports that Iran test-fired nine missiles, some of which could reach Israel and other nations in the region: "These reports underscore the danger that Iran's weapons program poses to its neighbors, while increasing concern about its refusal to cooperate with the international community. To ensure peace and stability in this r… Continue Reading


July 9, 2008

TUESDAY: BERNANKE TO DELIVER MONETARY POLICY REPORT TO THE SENATE BANKING COMMITTEE

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that Federal Reserve Board Chairman Ben Bernanke will appear before the Committee next week to deliver the Semiannual Monetary Policy Report to the Congress. The Committee's procedures for media review of the monetary policy report and testimony are also detailed below. HEARING DETAILS: WHO: Chairman Chris Dodd Members of the Senate Banking Committee Chair… Continue Reading


July 7, 2008

DODD STATEMENT ON SEC-FED MEMORANDUM OF UNDERSTANDING

WASHINGTON, DC - Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs released the following statement today on the Memorandum of Understanding (MOU) that was entered into by the SEC and Fed. "It is my hope that the MOU will result in improved supervision of investment banks and bank holding companies, and strengthen our financial markets for investors and our nation's economy. It is important to note that the MOU does not grant any new authority to … Continue Reading


July 2, 2008

Senators Comment on Currency Legislation

WASHINGTON - U.S. Senators Max Baucus (D-Mont.), Christopher Dodd (D-Conn.), Chuck Grassley (R-Iowa), and Richard Shelby (R-Ala.) issued a brief statement today regarding recent meetings on the issue of legislation to address international currency issues. The Chairmen and Ranking Members of the Senate Finance and Banking Committees have introduced currency bills in the last year, and are working together toward legislation to address currency exchange rate regimes. "Last week, the four of us … Continue Reading


June 27, 2008

DODD, SHELBY URGE TREASURY, FED, SEC TO WORK WITH CONGRESS ON REGULATORY REFORM EFFORTS

WASHINGTON, DC - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today sent a letter to the heads of the U.S. Treasury Department, Federal Reserve Board, and Securities and Exchange Commission regarding reports that the agencies are working on an agreement to reform the regulation of U.S. financial institutions. In the letter, Dodd and Shelby recognize the agencies' efforts to improve and streamline… Continue Reading


June 26, 2008

SENATE BANKING COMMITTEE CONFIRMS TEN NOMINEES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Committee confirmed the nominations of three individuals to serve on the Securities and Exchange Commission, as well as several other nominees for positions within the Administration. The Banking Committee has approved a total of 24 nominees, including those confirmed today, during the 110th Congress. The following ten nominees passed the Committee unanim… Continue Reading

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