Majority Press Releases
DODD ON FEINBERG DECISION ON EXECUTIVE COMPENSATION
STAMFORD, CT - Today Senate Banking Committee Chairman Chris Dodd (D-CT) issued the following statement on the announcement by Kenneth R. Feinberg, Special Master for Executive Compensation under TARP, on executive compensation. "In this country, you are supposed to be rewarded for hard work. But for folks on Wall Street to be giving out outrageous compensation packages, in the middle of a recession, as they are being propped up by taxpayer dollars is obscene," said Dodd. "Mr. Feinberg sho… Continue Reading
October 20, 2009
DODD CALLS FOR EXTENSION OF HOMEBUYER TAX CREDIT
WASHINGTON - Today at hearing on the State of the Nation's Housing Market Senate Banking Committee Chairman Chris Dodd (D-CT) joined Senator Johnny Isakson (R-GA) in calling for an extension of the homebuyer tax credit. "As part of the economic recovery package, we created an $8,000 first time home buyers' tax credit, replacing an unsuccessful and overly complex loan program with one that is already having an impact," Dodd explained. "The homebuyer tax credit has already been used by nearly… Continue Reading
October 19, 2009
DODD, REED, SCHUMER, BROWN, AND MERKLEY UNVEIL BILL TO PROTECT CUSTOMERS FROM ABUSIVE CHECKING ACCOUNT OVERDRAFT FEES
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) will file The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a bill to protect Americans from excessive checking account overdraft fees. Senators Jack Reed (D-RI), Chuck Schumer (D-NY), Sherrod Brown (D-OH), and Jeff Merkley (D-OR) are original co-sponsors of the bill. "At a time when many can afford it least, American consumers are being hit with hundreds of dollars in penalties for overdrawing… Continue Reading
October 9, 2009
DODD JOINS OBAMA IN CALLING FOR INDEPENDENT CONSUMER FINANCIAL PROTECTION AGENCY
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) attends a meeting at the White House today to hear from five Americans who have suffered under the outdated rules governing our financial system. Dodd joins President Barack Obama, Treasury Secretary Tim Geithner, and House Financial Services Committee Chairman Barney Frank in calling on Americans to stand up to opponents of a new Consumer Financial Protection Agency. Dodd issued the following statement. "It's stu… Continue Reading
October 8, 2009
DODD PROBES ROLE GOVERNMENT-SPONSORED ENTERPRISES SHOULD PLAY TO STRENGTHEN THE AMERICAN HOUSING MARKET
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) held an oversight hearing to probe the role that Government-Sponsored Enterprises should play to ensure the future strength of the American housing market. "Let's not forget what we're really talking about here. We're talking about whether responsible homeowners will have the access to the home loans they need to realize their American dream of homeownership," said Dodd. "As we look forward, we must start by setting… Continue Reading
October 6, 2009
DODD CALLS ON CREDIT CARD COMPANIES TO FOLLOW BOFA’S COMMITMENT TO NOT RAISE RATES OR CHANGE TERMS ON CUSTOMERS
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) called on credit card companies to follow Bank of America's commitment to not raise interest rates or change terms on customers until consumer protections included in the Credit CARD Act go into effect. In a letter to Chairman Dodd, the Director of Bank of America's Federal Government Relations wrote "Bank of America will not implement any change in terms (risk or economic based) re-pricing of consumer credit card account… Continue Reading
October 6, 2009
DODD ON IRAN: “WE MUST NOT LET UP NOW”
WASHINGTON - Today Senate Banking Chris Dodd (D-CT) held a hearing to discuss US policy options for dealing with Iran, including those contained in comprehensive sanctions legislation Chairman Dodd announced last week. "Increased international pressure and the specter of biting sanctions are clearly what have brought Iran to the table for substantive talks," said Dodd. "Worldwide condemnation of Tehran's secret enrichment activities, its human rights abuses and post-election crackdown has … Continue Reading
September 29, 2009
DODD CONTINUES PUSH TO STRENGTHEN BANK REGULATION
Reiterates Support for Single Bank Regulator, Support for Community Banks "The most common argument is not that it's a bad idea - rather consolidation is too politically difficult to achieve. That argument doesn't work terribly well with me." WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing on how to best strengthen bank regulation. A wide range of experts agree that the nation's convoluted system of bank regulation contributed to the financial crisis.… Continue Reading
September 29, 2009
DODD ANNOUNCES PLAN FOR IRAN SANCTIONS BILL
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to expand the President's ability to sanction Iran as the United States heads towards negotiations with that country. The Senate Banking Committee has jurisdiction over financial and economic sanctions. "If Iran were to acquire nuclear weapons capability, it would pose a significant threat to peace and security in the Middle East, especially to our close ally Israel," said Dodd. "That is … Continue Reading
September 24, 2009
DODD STATEMENT: ONE YEAR LATER, URGENT NEED TO REFORM FINANCIAL REGULATIONS
WASHINGTON - Today, at a hearing to continue oversight of the Emergency Economic Stabilization Act one year after its enactment, Senate Banking Committee Chairman Chris Dodd (D-CT) warned that reforms are needed to ensure the regulatory failures that brought our economy to the brink of collapse are not repeated. "Are any of us glad that we had to spend this money? Absolutely not, it was a tragic time for our country. I share the anger and frustration that many of our colleagues and our fel… Continue Reading
September 23, 2009
DODD STATEMENT ON BANK CHANGES TO OVERDRAFT FEES
WASHINGTON - Five days after Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to rein in abusive overdraft fees, the nation's two largest banks announced steps towards needed reforms. J.P. Morgan Chase and Bank of America today announced they would limit fees charged to customers for overdrawing their bank accounts. "These are positive changes, but the system has gotten completely out of whack," said Dodd. "We are talking about abusive practices that never … Continue Reading
September 18, 2009
DODD TO INTRODUCE LEGISLATION TO REIN IN EXCESSIVE CHECKING ACCOUNT OVERDRAFT FEES
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) announced he is working on a bill to protect Americans from excessive checking account overdraft fees. "Excessive, automatic overdraft fees are forcing many American families deeper into debt at a time when they are already struggling to make ends meet," said Dodd. "I am working on a bill to protect consumers from these fees." So-called "overdraft protection programs" enable customers to overdraw their accounts, … Continue Reading
September 17, 2009
SENATE APPROVES DODD’S BILL TO STRENGTHEN MANUFACTURING CRITICAL TO AMERICA’S SECURITY
WASHINGTON -Last night the Senate passed a bill, authored by Senate Banking Committee Chairman Chris Dodd (D-CT) and cosponsored by Banking Committee Ranking Member Richard Shelby (R-AL), to reform and reauthorize the Defense Production Act. The bill strengthens America's manufacturing base for products critical to America's security. This includes industries that support our nation's energy and infrastructure needs, and help civilian agencies and the military respond to crises at home an… Continue Reading
September 14, 2009
DODD ON ECONOMIC REFORMS
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT), issued the following statement following the President's address on the economy. "The President got it right. We need 'change and change now'," said Dodd. "One year after Lehman Brothers collapsed many of the same risks to our financial sector remain. Companies that used to be too big to fail have only gotten bigger and now they're back to business as usual. But for millions of Americans who have lost their ho… Continue Reading
September 10, 2009
DODD STATEMENT: HEARING ON SEC IG INVESTIGATION INTO MADOFF SCANDAL
WASHINGTON - Today, Senate Banking Committee Chairman Chris Dodd (D-CT), held a hearing on the recent report issued by the Inspector General of the Securities and Exchange Commission on their Investigation into the failure of the SEC to uncover the Bernard Madoff Ponzi scheme. The Committee heard from the SEC Inspector General H. David Kotz, who discussed the findings of his report released last week detailing SEC failures, along with Harry Markopolos, a fraud examiner who repeatedly warned… Continue Reading
September 9, 2009
DODD TO STAY SENATE BANKING COMMITTEE CHAIRMAN
WASHINGTON - Senator Chris Dodd (D-CT) announced today that he will stay the chairman of the Senate Committee on Banking, Housing and Urban Affairs, where he will continue to lead the fight in the Senate for financial regulatory reform and consumer protection. As a senior member of the Senate Committee on Health, Education, Labor and Pensions (HELP), and as Chairman Edward Kennedy's chief deputy on the Affordable Health Choices Act, Dodd will continue to lead the HELP Committee's efforts in … Continue Reading
September 2, 2009
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
