Minority Press Releases

April 30, 2008

DODD INTRODUCES MAJOR REFORM OF CREDIT CARD PRACTICES; BELIEVES INDUSTRY CHANGES ARE NECESSARY TO PROTECT AMERICAN CONSUMERS

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today introduced comprehensive legislation to improve credit card billing, marketing, and disclosure practices. The Credit Card Accountability, Responsibility and Disclosure Act (the C.A.R.D. Act) is aimed at stopping credit card practices that drag consumers into staggering amounts of debt, and too often harm, rather than help, the ability of American families to move up the eco… Continue Reading


April 30, 2008

DODD STATEMENT ON FDIC MORTGAGE RELIEF PROPOSAL

"As a result of Chairman Bair's leadership, the FDIC has been at the forefront of addressing the mortgage crisis. It comes as no surprise, then, that she has put forward a constructive proposal that is worthy of Congress' serious consideration. I look forward to further reviewing the details of the plan." -30-… Continue Reading


April 30, 2008

DODD STATEMENT ON FED RATE CUT

"The Federal Reserve Board's decision illustrates their commitment to using the tools available to them to help provide growth and liquidity to our economy. But the Fed cannot go it alone - trying to fix these economic problems solely with rate cuts is like trying to follow a recipe with only some of the ingredients. The Administration should be equally aggressive in responding to the trouble in the mortgage markets - which is the heart of the overall economic crisis. If they are questioning … Continue Reading


April 29, 2008

DODD TO INTRODUCE MAJOR REFORM OF CREDIT CARD PRACTICES

WASHINGTON, DC - Tomorrow, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, will introduce comprehensive legislation to improve credit card billing, marketing, and disclosure practices. The Credit Card Accountability, Responsibility and Disclosure Act (the C.A.R.D. Act) is aimed at stopping abusive credit card practices that drag consumers into staggering amounts of debt, and too often harm, rather than help, the ability of American families to … Continue Reading


April 23, 2008

DODD ON ADMINISTRATION'S RESPONSE TO STUDENT LOAN MARKET INQUIRY: "DISAPPOINTING"

"The Administration's letter is disappointing. While it rightly supports proposals by my colleagues to authorize the Department of Education to take steps to prevent a significant disruption from occurring in the student loan market, the letter fails to respond to questions posed by members of the Senate Banking Committee as to what actions the Treasury Department is willing to take to prevent that crisis from occurring. Perhaps most troubling, the letter offers a one-sentence rejection of the… Continue Reading


April 23, 2008

DODD TO HOLD HEARING ON FOREIGN GOVERNMENT INVESTMENTS IN UNITED STATES

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow he will continue the series of hearings that he is holding on the turmoil in the U.S. credit markets, and ways to ensure stability and soundness in our economy. Tomorrow's hearing will focus on the regulatory framework currently in place to evaluate a source of capital that some financial institutions have turned to in order to address their liquidity short… Continue Reading


April 21, 2008

DODD WORKS TO GUARANTEE FAMILIES HAVE THE RESOURCES THEY NEED FOR HIGHER EDUCATION

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), senior member of the Senate Health, Education, Labor, and Pensions Committee and Chairman of its Subcommittee on Children and Families, was joined by Senators Kennedy (D-MA), Brown (D-OH), Murray (D-WA), Sanders (I-VT), and Clinton (D-NY) in introducing the PLUS Loan Borrower Protection Act today. The bill is designed to ensure that students and parents can qualify for PLUS loans even if they have had trouble making their mortgage payments in light … Continue Reading


April 21, 2008

DODD TO HOLD HEARING ON ROLE OF CREDIT RATING AGENCIES IN MARKET TURMOIL

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow he will continue the series of hearings that he is holding on what led to the turmoil in the U.S. credit markets, and solutions to restore stability and soundness to the economy. Tomorrow's hearing will focus on the role of the credit rating agencies in the current credit crisis, and potential measures to improve their accuracy and performance. WHO: … Continue Reading


April 18, 2008

DODD STATEMENT ON HUD SECRETARY NOMINEE STEVEN PRESTON

"As our nation faces the biggest housing crisis in recent history, we need a strong leader at the Department of Housing and Urban Development who is dedicated to helping people keep their homes, restoring stability and confidence in the mortgage market, and creating more affordable housing opportunities. These priorities call for a leader with expertise in housing issues, yet the President's choice has no apparent housing background, which raises questions. Nevertheless, I look forward to lear… Continue Reading


April 17, 2008

DODD, BANKING COMMITTEE MEMBERS URGE TREASURY, FED TO TAKE ACTION TO AVERT CRISIS IN STUDENT LOAN MARKET

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with other members of the Committee, today sent letters to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke urging each to take action to ensure that lenders are able to continue providing educational loans to students and their families. Millions of American students are receiving acceptance letters from colleges and universities this month, a… Continue Reading


April 15, 2008

DODD TO ASK TREASURY, FED TO TAKE ACTION TO HELP AVERT CRISIS IN STUDENT LOAN MARKET

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today held a hearing to examine how the turmoil in the U.S. credit markets, an outgrowth of the mortgage market crisis, is affecting the cost and availability of student loans. Thousands of American students are receiving acceptance letters from colleges and universities this month, and are working with schools and their families to explore and secure financing options, including … Continue Reading


April 15, 2008

DODD TO HOLD SECOND HEARING ON HOPE FOR HOMEOWNERS PROPOSAL

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow he will hold the second in a series of hearings on solutions to mitigate the rising number of foreclosures occurring across the nation, which have led to turmoil in the mortgage and credit markets. Dodd will hear from witnesses on his HOPE for Homeowners proposal, which would create a new initiative within the Federal Housing Administration to refinance mo… Continue Reading


April 14, 2008

DODD TO HOLD HEARING ON IMPACT OF CREDIT CRUNCH ON STUDENT LOAN MARKET

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee Banking Committee and senior Democrat on the Senate Education Committee, will hold a hearing tomorrow to examine how the recent turmoil in U.S. credit markets is affecting the cost and availability of student loans. Witnesses will testify on how the tightening of credit, a result of the subprime mortgage crisis, may make it more difficult for some student lenders to provide educational loans for students and their fami… Continue Reading


April 11, 2008

DODD TO HOLD HEARING ON IMPACT OF CREDIT CRUNCH ON STUDENT LOAN MARKET

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee Banking Committee and senior Democrat on the Senate Education Committee, today announced that he will hold a hearing to examine how the recent turmoil in U.S. credit markets is affecting the cost and availability of student loans. Witnesses will testify on how the tightening of credit, a result of the subprime mortgage crisis, may make it more difficult for some student lenders to provide educational loans for students… Continue Reading


April 11, 2008

DODD STATEMENT ON GROWING SUPPORT OF APPROACH TO HELP HOMEOWNERS

"There is a growing chorus among housing experts, economists, and Democratic and Republican policymakers that more must be done to help people keep their homes and bring an end to the foreclosure crisis currently gripping our country and our economy. Most recently, Senator McCain introduced a policy echoing an idea that I proposed several weeks ago - to create a temporary, voluntary program within FHA to help distressed borrowers refinance their mortgages. In addition to Senator McCain, Chairma… Continue Reading


April 9, 2008

DODD STATEMENT ON ADMINISTRATION?S PROPOSAL TO EXPAND FHA

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 testimony from regulators and Administration officials before the House Financial Services Committee: "Much of what the regulators said today underscores what we have known now for months - that action must be taken to help people keep their homes. In fact, it was inaction and delayed response - mostly on behalf of the Adminis… Continue Reading


April 9, 2008

DODD TO HOLD HEARING ON HOPE FOR HOMEOWNERS PROPOSAL

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that he will hold a hearing tomorrow on solutions to mitigate the rising number of foreclosures occurring across the nation, which have led to turmoil in the mortgage and credit markets. Dodd will hear from witnesses on his HOPE for Homeowners proposal, which would create a new initiative within the Federal Housing Administration to refinance mortgages of distress… Continue Reading


April 2, 2008

DODD, SHELBY ANNOUNCE BIPARTISAN HOUSING STIMULUS PACKAGE

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 developed a bipartisan agreement to help address the nation's housing crisis. The legislation contains important provisions to provide counseling to Americans facing foreclosure; help local communities deal with properties in their neighborhoods that have been abandoned or foreclosed upon; and reform the… Continue Reading


April 2, 2008

DODD: EAGER TO HEAR FROM MAJOR PLAYERS AT HEARING ON MARKET TURMOIL

WASHINGTON, DC -- Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced the list of confirmed witnesses for Thursday's hearing on the response by federal financial regulators to ongoing turmoil in U.S. credit and mortgage markets and the near collapse of Bear Stearns. The following individuals have accepted the invitation to appear and testify before the Committee, the first Congressional examination of the recent steps taken by fede… Continue Reading


April 1, 2008

DODD ON HOUSING CRISIS: "EVERY DAY THAT GOES BY WITHOUT ACTION MEANS MORE FAMILIES ARE LOSING THEIR HOMES"

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today spoke on the Senate floor on the housing crisis, the housing stimulus package proposed by Majority Leader Harry Reid (D-NV), and his efforts as Chairman to curb the unprecedented wave of foreclosures in order to help Americans keep their homes. "Inaction is not an option," said Dodd. "And frankly, failure is not an option, either. Every day that passes creates new risk… Continue Reading

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