Minority Press Releases

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


June 25, 2008

Bill Being Considered on the Floor

Click link for copy of Bill being considered on the floor… Continue Reading


June 24, 2008

DODD STATEMENT ON RECORD DECLINE IN HOME VALUES AND CONSUMER CONFIDENCE

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on the historic decline in home values as recorded by the Case-Shiller index, which measures home values in 20 metro areas across the country, and the record drop in consumer confidence as surveyed by the Conference Board: "This data shows that the housing crisis continues to worsen, reducing home values across the country and potentially forcing mil… Continue Reading


June 20, 2008

FAVORABLE REACTION TO THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008

Note: The Housing and Economic Recovery Act being considered on the Senate floor this week includes many measures, such as the HOPE for Homeowners Act, the National Housing Trust Fund, the Capital Magnet Fund, and the Federal Housing Finance Regulatory Reform Act, all of which are referred to below. Information about each measure can be found in a summary of the Housing and Economic Recovery Act, available here: http://banking.senate.gov/public/_files/HousingandEconomicRecoveryActSummary.pdf … Continue Reading


June 19, 2008

DODD, SHELBY RESPOND TO ADMINISTRATION'S VETO THREAT

"This is a disappointing response. We believe this legislation represents a compromise that will bring relief to hundreds of thousands of homeowners and the housing markets without putting the American taxpayer at risk. All the pieces of this package have overwhelming bipartisan support. Furthermore, the legislation includes two major provisions that the Administration has urged the Congress to pass, FHA Modernization and GSE reform. We hope the White House will reconsider its position." -… Continue Reading


June 17, 2008

DODD, SHELBY ANNOUNCE HOUSING BILL TO BE CONSIDERED BY SENATE

WASHINGTON, DC - Today, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, announced that they have completed bipartisan legislation that includes major efforts to address the housing crisis. By providing relief to hundreds of thousands of American homeowners and introducing broad improvements to the nation's housing system, the legislation will help to contain the current problems in the housing marke… Continue Reading


June 6, 2008

DODD STATEMENT ON JOB LOSS, UNEMPLOYMENT DATA

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement on data from the Bureau of Labor Statistics that the unemployment rate rose by half a percentage point, the sharpest monthly increase in over 20 years, while the economy lost jobs for the fifth consecutive month. "This morning's employment numbers are yet another indication of the terrible toll that the housing crisis is taking on our nation's … Continue Reading


June 5, 2008

Final Version of the GSE bill

Click link for copy of Final Version of GSE Bill… Continue Reading


June 3, 2008

THURSDAY: DODD TO QUESTION BANK REGULATORS ON STATE OF BANKING INDUSTRY

WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, this week will hold a second hearing on the state of the banking industry where he will question regulators on their role in the current economic downturn the United States is experiencing and potential solutions to stabilize the industry and the economy. At the first hearing on this subject earlier this year, Dodd emphasized the important responsibility that regulators have to e… Continue Reading


May 28, 2008

Dodd Statement on Announcement of Mishkin Resignation

"I thank Dr. Mishkin for his service to the Federal Reserve and to the nation. His tenure at the Fed was during one of the most critical and important economic periods of the nation's history and I am very grateful and appreciative for his service and his work at the Board of Governors." -30-… Continue Reading

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