Minority Press Releases

March 16, 2007

Statement of Senator Dodd on Wal-Mart's Announcement

“While today’s announcement by Wal-Mart ends the debate as to whether or not the company should be granted an ILC charter, it does not end the dialogue about broader policy implications and concerns regarding ILC ownership that were raised as a result of Wal-Mart’s application. I intend to continue to examine this issue in a thoughtful and deliberate manner.”… Continue Reading


March 14, 2007

Prepared Remarks of Senator Dodd to the U.S. Chamber of Commerce “First Annual Capital Markets Summit: Securing America’s Competitiveness”

March 14 - Thank you, Tom, for that kind introduction. And thank you all for this opportunity to speak with you this morning. It’s hard to believe that ten years have passed since Tom became President and CEO of the Chamber. He has done an outstanding job of leading this remarkable organization. I am proud to have had Tom’s and the Chamber’s support on some of the most important pieces of legislation with which I have been associated. Laws like the Private Securities Litigation Reform… Continue Reading


March 14, 2007

DODD TO U. S. CHAMBER OF COMMERCE: I take a back seat to no one in my commitment to the preeminent power of America’s Markets.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today asserted his confidence in America’s capital markets and offered his thoughts on how to strengthen those markets when addressing the U.S. Chamber of Commerce at its Capital Markets Summit. Chairman Dodd is considered an authority on financial and economic issues, having served on the Banking Committee for over 26 years, through the 1987 stock market crash, the Asian financial crisis, and th… Continue Reading


March 14, 2007

DODD APPLAUDS SENATE PASSAGE OF TRANSIT SECURITY BILL

Senator Chris Dodd (D-CT) announced today that S. 763, the Public Transportation Terrorism Prevention Act of 2007, passed as part of the comprehensive 9-11 legislation that the Senate approved by a vote of 60 to 38. The transit security legislation, Title XIV of the 9-11 package, was prompted by witnesses who testified before Dodd in January that the current Administration is doing far too little to protect America’s 14 million daily transit riders from the risk of terrorist acts. The Banking … Continue Reading


March 14, 2007

Chairman Dodd's Remarks Before the National League of Cities Conference

I'm honored to be here and to be once again a part of an organization that I respect immensely and during my 26 years in the Senate I have enjoyed working with my delegation in Connecticut on many, many issues that are common to all of you here in this room. And as of a few months ago I have now become the new chairman of the Senate Banking, Housing and Urban Affairs Committee. And I intend to put the "Urban" back into that committee's title, with the work that you are interested in and I'm … Continue Reading


March 9, 2007

SEN. DODD ANNOUNCES HEARING ON AVAILABILITY AND AFFORDABILITY OF INSURANCE IN THE GULF AND OTHER COASTAL STATES

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today in New Orleans that he will hold a hearing on the impact that Katrina and other natural catastrophes have had on the availability and affordability of insurance for families and businesses in the Gulf Coast and other coastal regions across the country. Chairman Dodd will examine the current practices of the insurance industry, specifically the claims processed post-Katrina and the… Continue Reading


March 6, 2007

Statement of Chairman Dodd In Response to Bernanke Comments on GSEs

“In my view, there is broad agreement that we should create a new regulator to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This new regulator must have a number of core powers in order to do its job effectively, and to be considered credible in the eyes of the public. These powers include: the ability to set both minimum and risk-based capital levels for the Enterprises; enhanced enforcement and prompt corrective action powers, including the authority to set and enforce p… Continue Reading


March 2, 2007

Chairman Dodd's Statement on Regulators’ Decision to Protect Subprime Borrowers

“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have alread… Continue Reading


March 2, 2007

STATEMENT OF CHAIRMAN DODD ON REGULATORS’ DECISION TO PROTECT SUBPRIME BORROWERS

“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have already extended… Continue Reading


March 1, 2007

Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Citigroup Decision on Credit Cards

Washington, D.C. - “I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security … Continue Reading


March 1, 2007

Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, on Citigroup Decision on Credit Cards

“I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security and prosperity. … Continue Reading


February 28, 2007

Opening Statement of Chairman Chris Dodd - Hearing on "Examining the Terrorism Risk Insurance Program"

Earlier this year, upon assuming the chairmanship of this Committee, I stated that the Committee should focus on two overarching goals -maintaining and improving our nation’s security and prosperity. The subject of today’s hearing—namely, a public-private partnership, created by the Terrorism Risk Insurance Act of 2002, to protect American workers, jobs, businesses and infrastructure from future terrorist attacks - is in my view critical to both the security and prosperity of our nation. … Continue Reading


February 27, 2007

DODD ADDRESSES CREDIT UNION NATIONAL ASSOCIATION GOVERNMENTAL AFFAIRS CONFERENCE

U.S. Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today addressed the Credit Union National Association (CUNA), highlighting and discussing the important role that credit unions can play in bringing access to credit to underserved communities, and the positive impact that has had in many communities throughout America. “Fundamentally, your customers seek a relationship that will provide them the tools to realize their dreams of a more secure, pros… Continue Reading


February 22, 2007

Statement of Senator Dodd on Hedge Fund Guidelines Issued by President’s Working Group

Statement of Senator Dodd on Hedge Fund Guidelines Issued by President’s Working Group "I commend Secretary Paulson's leadership in setting out a series of principles and guidelines for hedge funds. The report correctly identifies two vital public policy concerns - systemic risk and investor protection. I look forward to having the report’s authors come before the Committee to discuss the document in greater detail and to outline what, if any, steps they intend to take to ensure that these … Continue Reading


February 14, 2007

Opening Statement of Chairman Chris Dodd - Hearing on the Federal Reserve's Semi-Annual Monetary Policy Report

The Committee will come to order. This morning the Committee is pleased to welcome Federal Reserve Chairman Bernanke to deliver the Fed’s Semi-Annual Monetary Policy Report. I want to congratulate you for completing your first year as Chairman. Following in the footsteps of a very successful Chairman can be difficult - and is something that I can relate to. But I believe that you have done a very good job in gaining the respect and confidence of the markets and your colleagues on the Federal … Continue Reading


February 14, 2007

DODD CALLS REGULATORS’ RESPONSE TO PREDATORY LENDING “INADEQUATE”

Chairman Chris Dodd (D-CT) today expressed dissatisfaction with the response he received from federal regulators to a letter that he and other members of the Banking Committee sent in December. Sen. Dodd raised the issue directly with Federal Reserve Chairman Ben Bernanke during a hearing today. Sen. Dodd termed the response by Chairman Bernanke and fellow regulators to predatory lending “inadequate.” The letter urged the federal financial regulatory agencies to adopt the same guidelines that… Continue Reading


February 14, 2007

DODD URGES BERNANKE TO USE FED POWERS TO ACHIEVE GREATER SECURITY, OPPORTUNITY, PROSPERITY

Chairman Chris Dodd expressed concerns about the financial challenges facing Americans when he addressed the Chairman of the Federal Reserve, Ben Bernanke, at the Senate Banking, Housing, and Urban Affairs Committee hearing this morning. Chairman Dodd noted the persistence of economic struggles despite some positive U.S. economic developments, and urged Chairman Bernanke to use the Fed’s authority to help Americans achieve greater economic security, opportunity and prosperity. Senator Dodd c… Continue Reading


February 7, 2007

Opening Statement of Chairman Chris Dodd - Hearing on Preserving the American Dream: Predatory Lending Practices and Home Foreclosures

The Committee will please come to order. Today’s hearing is entitled Preserving the American Dream: Predatory Lending Practices and Home Foreclosures. This hearing is particularly timely in light of news that has been coming out in recent days about the wave of delinquencies and foreclosures facing American homeowners. Let me start by recognizing the work of Senators Allard, Bunning, Reed, and Schumer, who held joint subcommittee hearings last year to examine the impact of exotic mortgages… Continue Reading


February 7, 2007

DODD: CREATE, SUSTAIN, PRESERVE AND PROTECT THE AMERICAN DREAM OF HOME OWNERSHIP; STOP ABUSIVE PRACTICES IN THE HOUSING MARKET

Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee and a longtime advocate for affordable housing and home ownership, today convened a hearing on predatory lending practices in the mortgage market. At the hearing, entitled “Preserving the American Dream: Predatory Lending Practices and Home Foreclosures,” Dodd heard from two homeowners who were targets of abusive business practices. Delores King, who has owned her home in Chicago for 36 years, may lose h… Continue Reading


February 2, 2007

DODD: “WITH A LEVEL PLAYING FIELD, I BELIEVE THE AMERICAN WORKER AND THE AMERICAN ENTREPRENEURIAL SPIRIT CAN COMPETE WITH ANYONE IN THE WORLD.”

As part of his continuing months-long effort to ensure that American businesses and workers can compete successfully in the global marketplace, Chairman Dodd invited U.S. Secretary Henry Paulson to the Senate Committee on Banking, Housing and Urban Affairs discuss the Treasury Department’s practices and priorities. This was Sec. Paulson’s first testimony before Congress since he was sworn in last July. A longtime advocate for American job growth and retention, Senator Dodd emphasized: · … Continue Reading

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