Minority Press Releases

April 29, 2009

DODD WELCOMES TREASURY SECRETARY GEITHNER’S COMMENTS ON CREDIT CARD REFORM

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs and author of the Credit Card Act, today released the following statement after Treasury Secretary Geithner's press conference to discuss credit card reform efforts in Congress: "I am pleased that Secretary Geithner agrees that putting an end to the abusive practices of credit card companies is a critical part of getting our economy back on track. Americans do not dese… Continue Reading


April 27, 2009

DODD: “NOW IS THE TIME TO STAND UP TO THE CREDIT CARD COMPANIES”

Washington, DC - As negotiations heat up on credit card reform, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, released the following statement today pushing for tough reforms of the credit card industry's practices: "We have in front of us an opportunity to end the abusive and predatory practices of the credit card companies and we must take full advantage of it. Now is the time to stand up to these companies and force real reforms of how… Continue Reading


April 23, 2009

SCHUMER, DODD CALL ON FEDERAL RESERVE TO IMPOSE EMERGENCY FREEZE ON CREDIT CARD RATES

Senators Urges Regulators To Speed Up Rule-Which Is Not Due To Take Effect Until July 2010-That Would Stop Companies From Hiking Rates On Existing Balances Credit Card Companies Are Doubling And Tripling Rates Now To Get Ahead of Next Year's Rule WASHINGTON, DC-On the same day President Obama summoned the country's major credit card issuers to the White House to discuss reforming their practices, U.S. Senators Charles E. Schumer (D-NY) and Senate Banking Chairman Christopher Dodd (D-CT) … Continue Reading


April 22, 2009

DODD PRAISES SENATE PASSAGE OF LEGISLATION TO INVESTIGATE ECONOMIC CRISIS

WASHINGTON, D.C. - Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after Senate approval of an amendment he offered along with Senators Johnny Isakson (R-GA) and Kent Conrad (D-ND) that would create a Financial Markets Commission charged with fully investigating the causes of the current financial and economic crisis in the United States. "Through dozens of hearings at the Banking Committee, we have docu… Continue Reading


April 20, 2009

DODD STATEMENT ON ADMINISTRATION'S SUPPORT FOR REFORMING CREDIT CARD PRACTICES

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs and author of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act released the following statement today after White House economic adviser Larry Summers told NBC's David Gregory on Meet the Press that President Obama plans to join Congressional efforts to stop abusive credit card practices. "I welcome President Obama's support for our efforts to crack do… Continue Reading


March 31, 2009

BANKING COMMITTEE PASSES DODD’S SWEEPING LEGISLATION TO REFORM CREDIT CARD INDUSTRY

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today that the Committee passed comprehensive legislation he authored to protect consumers from confusing, misleading and predatory practices by credit card companies. Having fought to reform the credit card industry for over two decades, Dodd wrote the Credit Card Accountability, Responsibility and Disclosure Act, a version of which he introduced in 2004, to provide to… Continue Reading


March 25, 2009

DODD ADVANCES TRANSIT AGENDA WITH SYMPOSIUM ON HOUSING AND TRANSIT

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, will hold a symposium tomorrow entitled "Creating Livable Communities: Housing and Transit Policy in the 21st Century." Dodd has invited Committee members and their staff to hear experts share their views on how to improve the connection between housing and transit policy and how to promote transit-oriented development through the coordination of local planning and land use. … Continue Reading


March 23, 2009

DODD STATEMENT ON ADMINISTRATION’S PUBLIC PRIVATE PARTNERSHIP INVESTMENT 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 Administration's Public Private Partnership Investment Program: "In order to turn this economy around and help families in Connecticut and across the nation get back on their feet, we must end the rising number of foreclosures, unfreeze our credit markets and stabilize the banking sector. The Obama Administration has already recogni… Continue Reading


March 19, 2009

STATEMENT OF SENATOR DODD ON EXECUTIVE COMPENSATION AMENDMENT

"I'm the one who has led the fight against excessive executive compensation, often over the objections of many. I did not want to make any changes to my original Senate-passed amendment but I did so at the request of Administration officials, who gave us no indication that this was in any way related to AIG. Let me be clear - I was completely unaware of these AIG bonuses until I learned of them last week. "Reports that I changed my position on this issue are simply untrue. I answered a qu… Continue Reading


March 12, 2009

DODD ADDRESSES CONSUMER FEDERATION OF AMERICA: STRONGER CONSUMER, INVESTOR PROTECTIONS KEY TO ECONOMIC GROWTH

Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today addressed the Consumer Federation of America at its 2009 Consumer Assembly, "Challenges and Opportunities in a Year of Recession and Political Change." In his address, Dodd discussed the causes and consequences of the financial crisis and emphasized the inextricable link between strong consumer protections and economic growth. "While we must ensure we do not unduly cra… Continue Reading


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

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