May 12, 2008


WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that the Committee will meet in executive session on Thursday to consider “The Federal Housing Finance Regulatory Reform Act of 2008,” a bill that includes major efforts to help prevent the rising number of foreclosures and to reform the regulation of the government-sponsored enterprises (GSEs) in order to improve their role in the housing finance system.
WHO: Chairman Chris Dodd
Members of the Senate Banking Committee
WHEN: Thursday, May 15th
10:00 a.m.
WHERE: Banking Committee Hearing Room
538 Dirksen Senate Office Building

On Monday, Dodd issued the following statement on the legislation:
“On Thursday, the Committee will meet to vote on legislation that addresses the housing crisis that is at the center of our nation’s current economic difficulties. The legislation addresses this crisis in two ways:
“First, it establishes a new regulator for the government-sponsored enterprises (GSEs) that has robust new powers to regulate safety and soundness, capital, portfolio holdings, and internal management, while at the same time ensuring that the GSEs can better meet their mission of providing a source of affordable financing for homeownership.
“Second, this legislation includes a targeted, temporary initiative to mitigate the systemic risk that the foreclosure crisis poses to our nation’s economy and financial system. This measure can assist hundreds of thousands of Americans who, due to no fault of their own, find themselves at risk of losing their homes. Two months ago, the federal government provided $30 billion to help a company on Wall Street. For a fraction of that amount, we can assist deserving Americans on Main Street.
“All in all, the legislation I will bring to the Committee on Thursday can make a very significant difference for our nation by reducing foreclosures and restoring the safe, sound and dynamic operation of the mortgage markets.”
The text of the legislation is available through the following link.
The following two pieces of legislation will also be considered on Thursday: