Majority Press Releases
DODD: WE MUST PREVENT ANOTHER MADOFF
HARTFORD, CT - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement after the Securities and Exchange Commission released the executive summary of the SEC Inspector General's report on how the agency handled the Madoff fraud. "The Inspector General's report lays out the string of massive regulatory failures and incompetent investigations at the SEC that led to unimaginable loss for so many. It further reminds us how essential it is that we improve both f… Continue Reading
August 24, 2009
DODD STATEMENT ON BERNANKE
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the news that Ben Bernanke will be reappointed as Chairman of the Federal Reserve. "While I have had serious differences with the Federal Reserve over the past few years, I think reappointing Chairman Bernanke is probably the right choice," Dodd said. "Chairman Bernanke was too slow to act during the early stages of the foreclosure crisis, but he ultimately demonstrated effecti… Continue Reading
August 19, 2009
DODD ON NEW CREDIT CARD PROTECTIONS TAKING EFFECT TOMORROW
HARTFORD, CT - Tomorrow, credit cardholders will see new protections established by the Credit CARD Act take effect. Signed into law in May, Senator Dodd's Credit Card Accountability, Responsibility, and Disclosure Act cracks down on abusive, misleading and deceptive practices employed by some credit card companies. "The new rules of the road established by the Credit CARD Act will shield credit cardholders from widespread abusive practices. New protections will give American families mo… Continue Reading
August 10, 2009
DODD: VICTORY ON CREDIT CARD FEES, BUT OVERDRAFT FEES DEMONSTRATE NEED FOR CONSUMER FINANCIAL PROTECTION AGENCY
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on a day two credit card companies announced they will stop charging customers fees for exceeding their limits but new research shows major banks are charging customers record dollars in overdraft fees. Today American Banker reported that "American Express Co. and Discover Financial Services are eliminating over limit fees on consumer credit cards…In so doing, they may lead the way for othe… Continue Reading
August 6, 2009
DODD, MENENDEZ, MERKLEY, BENNET ANNOUNCE INITIATIVE TO COORDINATE HOUSING, TRANSPORTATION, AND ENVIRONMENTAL POLICIES
WASHINGTON - Senate Banking, Housing, and Urban Affairs Committee Chairman Chris Dodd (D-CT), along with fellow Committee members Robert Menendez (D-NJ), Jeff Merkley (D-OR), Michael Bennet (D-CO), and Dan Akaka (D-HI), today introduced legislation to help towns and regions across the country plan and implement development projects that integrate their community's needs for transportation, housing, land use, and economic development. By encouraging sustainable development at the local, reg… Continue Reading
August 5, 2009
DODD ENCOURAGED BY PROGRESS ON REGULATORY REFORM
Banking Committee Holds Last Hearing before August Recess Calls on Credit Rating Agencies to Provide Independent Research and In-Depth Analysis WASHINGTON - Today the Senate Banking Committee held the last of an extensive series of hearings before the August recess. The Committee is expected to take up major legislation to modernize financial regulation sometime this fall. The Committee has held an aggressive hearing schedule this year. "Virtually all of these have been to try and det… Continue Reading
August 4, 2009
HEARING ON STRENGTHENING BANK REGULATIONS
Questions if Administration's Plan Goes Far Enough to Protect Consumers WASHINGTON - Today Banking Committee Chairman Chris Dodd (D-CT) held a hearing on how banks should be regulated to best ensure their safety and soundness to protect their customers. "Our job here is not to protect regulators; our job is to protect the people who count on us, on you, and a system to provide safety and soundness to banks and stability to the financial markets. That is what this is all about," Dodd to… Continue Reading
July 30, 2009
DODD STATEMENT ON IRAN SANCTIONS
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) expressed the need to provide the Obama Administration with strong tools to deal with the regime in Iran. "The actions of this Iranian regime pose a threat to peace and security in the Middle East, and threaten our close ally Israel. They are an affront to democratic values and human rights. And they must stop," Dodd said. "The new Obama Administration has undertaken an aggressive dual-track approach-offering high-lev… Continue Reading
July 28, 2009
DODD STATEMENT: INSURANCE & REGULATORY MODERNIZATION
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) brought together an expert panel of witnesses to testify on regulatory modernization and the insurance industry. "As we talk about the modernization of financial services regulations, insurance plays a very, very critical role," said Dodd. "The insurance industry provides millions of Americans in our country with the safety net they need, whether they be individual homeowners, small businesses or larger enterprises." … Continue Reading
July 24, 2009
DODD ASKS ADMINISTRATION TO LOOK OUT FOR HOMEOWNERS
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) asked the Administration to look into accusations that companies are setting up roadblocks to efforts to modify mortgages and keep people in their homes. Last week, Dodd chaired a hearing on what more needs to be done to prevent foreclosures. One witness alleged companies charged with modifying mortgages were providing customers with false information. Yesterday, Chairman Dodd sent Treasury Secretary Geithner and Housi… Continue Reading
July 23, 2009
DODD: HOW DO WE PROTECT MAIN STREET FROM WALL STREET?
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing to ask top financial regulators how to create a framework to protect Americans from the giant risks that caused the current financial crisis. "Wall Street's failures have hit Main Streets across the country. It will take years, perhaps decades, to undo damage that a stronger regulatory system would have prevented," Dodd said. "While many Americans understand why we had to take extraordinary measures this… Continue Reading
July 22, 2009
DODD TO FED CHIEF: RECOVERY WON’T BE REAL UNTIL AND UNLESS IT’S FELT ON MAIN STREET
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) pushed the Federal Reserve Board Chairman on when government efforts to turn around the economy will reach struggling Americans. "Positive indicators seem to be stuck at the top," said Dodd. "And we all work for the American people. When can they expect the recovery that they have funded? When will working families see their rally? Their pay raise? Their jobs being stabilized?" Chairman Dodd laid out two fundamen… Continue Reading
July 16, 2009
DODD ON FORECLOSURES: EXPLAIN TO ME WHY NOTHING HAS CHANGED OVER THE LAST TWO YEARS
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) expressed frustration that, despite endless assurances, little has been accomplished by way of stemming the tide of foreclosures and he pressed the need for principal reduction to stabilize the housing market, a key element of economic recovery. This morning the Associated Press is reporting "The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more… Continue Reading
July 15, 2009
DODD ON FINANCIAL CRISIS COMMISSION MEMBERS
WASHINGTON - Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi of six appointments to the 10-member Financial Crisis Inquiry Commission, established by Congress to examine the domestic and global causes of the financial crisis. Chairman Dodd co-sponsored the amendment to create the commission as part of the Fraud Enforcement and Recovery Act in April of this year. "Th… Continue Reading
July 14, 2009
DODD ON THE NEED FOR FINANCIAL PROTECTIONS
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) responded to critics of the proposal to create an independent Consumer Financial Protection Agency that will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. "We have been faced with a radical situation in our country," said Dodd. "This is unprecedented. And in a lot of respects the classical model has fallen apart, and the people wh… Continue Reading
July 10, 2009
DODD, FRANK ASK REGULATORS TO ADDRESS 2ND MORTGAGES VALUATION PROBLEMS THAT DISCOURAGE LOAN MODIFICATIONS
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to the heads of the bank regulatory agencies asking them to address whether banks are inflating the value of 2nd mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling programs designed to prevent foreclosures. Across the country housing prices have dropped and many Americans ow… Continue Reading
July 9, 2009
DODD DEMANDS STRICT REGULATIONS TO REVIEW AND REDUCE CREDIT CARD RATE HIKES
Increases Since January 1st, 2009 Will Be Subject to Review Every Six Months Calls On Regulators to Act to Protect Customers WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) sent a letter to the Chairman of the Federal Reserve and the heads of key regulatory agencies directing them to write and enforce robust rules to implement new requirements that credit card companies review rate increases on their customers implemented since January 1st of this year. The Credi… Continue Reading
July 7, 2009
DODD STATEMENT: ADDRESSING CLIMATE CHANGE WITH PUBLIC TRANSPORTATION
WASHINGTON -Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, called for a new approach to investments in public transportation at this morning's hearing to examine transit's role in America's effort to combat climate change. "Investing in public transportation as part of a focus on sustainable development isn't just a part of the solution to the climate crisis. It cuts down on traffic congestion - and, being from Connecticut, I know a little bit … Continue Reading
June 30, 2009
DODD: OBAMA LAYS OUT “BOLD, AGGRESSIVE” PLAN FOR CONSUMERS
WASHINGTON - Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Obama Administration today released its legislative proposal to create an independent Consumer Financial Protection Agency that will have the sole job of looking out for the financial interests of ordinary Americans by banning unfair practices and enforcing the rules. "The Administration is addressing the colossal failures that led to the economic … Continue Reading
June 24, 2009
DODD STATEMENT ON CITIGROUP PAY HIKES
WASHINGTON - Today Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement in reaction to news that Citigroup, a recipient of significant taxpayer funds under the Troubled Assets Relief Program, was announcing pay hikes. Yesterday the Bureau of Labor and Statistics announced that in May there were 2,933 mass layoff actions involving 312,880 workers. Mass layoff events and initial claims rose to their highest levels on recor… Continue Reading
