Minority Press Releases

March 12, 2009

DODD, SHELBY MEET WITH ADMINISTRATION OFFICIALS ON MODERNIZING OUR FINANCIAL SYSTEM

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 issued the following statement after a meeting with Treasury Secretary Timothy Geithner and the Director of the National Economic Council (NEC), Larry Summers, on regulatory modernization: "Today's meeting was an opportunity for us to put our heads together with Administration officials on how to modernize America's financial… Continue Reading


March 10, 2009

DODD URGES WORLD-CLASS TRANSPORTATION SYSTEM AT TRANSIT CONFERENCE

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today addressed the American Public Transit Association (APTA) Conference, saying that enhancing our nation's transit systems is the key to helping the nation tackle challenges from energy and climate change to sprawl to economic development. Dodd delivered his remarks as the Committee prepares to renew the nation's surface transportation law, which will include transit. As part… Continue Reading


February 18, 2009

DODD STATEMENT ON OBAMA HOUSING PLAN

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 Administration's "Homeowner Affordability and Stability Plan": "Only a few short weeks after assuming office, President Obama has outlined a serious plan to address the root cause of our economic crisis - the foreclosure crisis - which is urgently needed after months of empty rhetoric from the Bush Administration. In my home state o… Continue Reading


February 12, 2009

DODD STATEMENT ON EXECUTIVE COMPENSATION AMENDMENT IN ECONOMIC RECOVERY LEGISLATION

Washington, DC - Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today released the following statement on an amendment he authored to curb big bonuses for executives at firms receiving funds from the Troubled Asset Relief Program (TARP): "I'm delighted that my amendment to impose tough new limits on huge bonuses for executives working in firms that receive taxpayer funds will be included in the final economic recovery bill. The decisions of certa… Continue Reading


February 12, 2009

DODD INTRODUCES LEGISLATION TO PROTECT CONSUMERS, END WRONGFUL CREDIT CARD PRACTICES

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today re-introduced The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"), legislation to better protect consumers from confusing, misleading and predatory practices by credit card companies. Tomorrow, the Banking Committee will hold a hearing entitled "Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Car… Continue Reading


February 4, 2009

DODD COMMENDS ADMINISTRATION'S ANNOUNCEMENT ON EXECUTIVE PAY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today applauded the Administration's plans to limit excessive compensation for executives at firms receiving Troubled Asset Relief Program (TARP) funds. Dodd also announced that he will be introducing an amendment to the American Recovery and Reinvestment Act to apply further executive compensation restrictions to all TARP recipients, and to empower the Treasury Secretary to tighte… Continue Reading


January 30, 2009

DODD COMMENDS FREDDIE MAC'S DECISION TO SAFEGUARD RENTERS AFFECTED BY FORECLOSURES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Freddie Mac's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes after Dodd recently urged both David Moffett, the CEO of Freddie Mac, and James Lockhart, the director of the Federal Housing Finance Agency (FHFA), not to evict these renters. Today's outcome means that Freddie Mac is now complian… Continue Reading


January 27, 2009

DODD STATEMENT ON FED'S FORECLOSURE PREVENTION PROGRAM

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 Federal Reserve Board's establishment of a foreclosure prevention program. Chairman Dodd wrote a provision into the financial rescue law that directs agencies such as the Fed and the Federal Deposit Insurance Corporation (FDIC) to establish such programs: "I welcome the Federal Reserve Board's decision to finally implement a homeowne… Continue Reading


January 23, 2009

DODD STATEMENT ON SENATE CONFIRMATION OF KEY MEMBERS OF OBAMA ECONOMIC TEAM

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement this evening after the Senate confirmation of two key members of President Obama's economic team who were recently vetted by the Committee. The Senate confirmed by unanimous consent Mr. Shaun Donovan to be Secretary of the U.S. Department of Housing and Urban Development and the Honorable Mary Schapiro to be Chairman of the Securities and Exchange Com… Continue Reading


January 16, 2009

Dodd Statement on Senate Vote Releasing Additional Financial Rescue Funds

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Senate voted against a resolution to block the release of funds authorized by the Emergency Economic Stabilization Act: "The Senate sent an important message today. The incoming Administration will face many challenges in the days and weeks ahead, and none will be more important than addressing our economic crisis swiftly and st… Continue Reading


January 13, 2009

Dodd Holds Hearing on HUD Secretary-Designate Shaun Donovan

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing on the nomination of Shaun Donovan, President-Elect Obama's Secretary-Designate for the Department of Housing and Urban Development. During the hearing, Dodd highlighted Mr. Donovan's considerable experience and focused on the need to address more forcefully the foreclosure crisis, which is at the root of our economic problems and has hurt families and commun… Continue Reading


January 12, 2009

DODD STATEMENT ON NEED TO STRENGTHEN ECONOMY AND WORK WITH OBAMA ADMINISTRATION

"As Friday's dismal job numbers show, the economic crisis continues to cripple millions of American families and businesses. We need to strengthen our fragile financial system so that families can access the credit they need to pay for a home, a car and college tuition for their children, and businesses can stock inventory and meet payroll. Regrettably, the program intended to meet these objectives has been grossly mismanaged by the current Administration and has not achieved these goals. Pre… Continue Reading


January 5, 2009

DODD, SHELBY EXAMINE MADOFF FRAUD, REQUEST INFORMATION FROM SEC

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 are examining the reported fraud by Bernard Madoff. In a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox, the Senators specified that they are reviewing how federal regulators supervised and oversaw this firm and requested documents and other information about the case. "The Bank… Continue Reading


December 23, 2008

DODD STATEMENT ON SHAWN MAHER

Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today made the following statement on Shawn Maher, the Committee's Staff Director and General Counsel who will be the Obama Administration's Deputy Director of Legislative Affairs for the United States Senate. Maher has served as Staff Director and General Counsel since Dodd became Chairman in January 2007; prior to that, he was Dodd's Legislative Director. "After nearly 14 … Continue Reading


December 18, 2008

DODD STATEMENT ON FED'S RULES ON CREDIT CARDS

"Confusing, misleading and in some cases predatory practices have become the standard operating procedure for many in the credit card industry. As a result, American consumers - the bread and butter of our economy - are increasingly finding themselves buried under an avalanche of debt. These rules will crack down on some of these practices, and I applaud the Fed for taking action. But more must be done to protect consumers, which is why I plan to re-introduce the Credit Card Accountability, R… Continue Reading


December 18, 2008

DODD STATEMENT ON PRESIDENT-ELECT OBAMA?S SEC AND FED NOMINEES

"As our country struggles through this severe recession, we need regulators who will be strong cops on the beat, rather than turn a blind eye to the reckless practices that have caused this crisis. The reported fraud by Bernard Madoff is a stark reminder of the need for regulators that are committed to supervision, oversight, and protecting American investors and consumers. "President-Elect Obama has assembled an economic team that will work to provide financial security for hard-working Amer… Continue Reading


December 15, 2008

DODD WELCOMES DECISION TO ALLOW RENTERS TO STAY IN THEIR HOMES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties. Dodd… Continue Reading


December 15, 2008

Dodd Statement on HUD Secretary Nominee Shaun Donovan

"I commend President-Elect Obama's nomination of Shaun Donovan to be Secretary of Housing and Urban Development. I believe that Congress as well as the housing community will welcome this choice, and that Mr. Donovan's background prepares him to address the extremely difficult challenges our country faces in helping Americans find affordable housing. I look forward to having Mr. Donovan before the Banking Committee at the earliest opportunity." -30-… Continue Reading


December 10, 2008

DODD ANNOUNCES LEGISLATION TO STABILIZE, RESTRUCTURE, REFORM AUTO INDUSTRY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry: "This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job. It also takes tough measures to restructure and ref… Continue Reading


December 9, 2008

DODD STATEMENT ON SENATE CONFIRMATION OF SPECIAL INSPECTOR GENERAL NEIL BAROFSKY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program. The confirmation passed by unanimous consent last night. Under Chairman Dodd's leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated … Continue Reading

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