Majority Press Releases
SCHUMER, DODD CALL ON FEDERAL RESERVE TO IMPOSE EMERGENCY FREEZE ON CREDIT CARD RATES
Senators Urges Regulators To Speed Up Rule-Which Is Not Due To Take Effect Until July 2010-That Would Stop Companies From Hiking Rates On Existing Balances Credit Card Companies Are Doubling And Tripling Rates Now To Get Ahead of Next Year's Rule WASHINGTON, DC-On the same day President Obama summoned the country's major credit card issuers to the White House to discuss reforming their practices, U.S. Senators Charles E. Schumer (D-NY) and Senate Banking Chairman Christopher Dodd (D-CT) … Continue Reading
April 22, 2009
DODD PRAISES SENATE PASSAGE OF LEGISLATION TO INVESTIGATE ECONOMIC CRISIS
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after Senate approval of an amendment he offered along with Senators Johnny Isakson (R-GA) and Kent Conrad (D-ND) that would create a Financial Markets Commission charged with fully investigating the causes of the current financial and economic crisis in the United States. "Through dozens of hearings at the Banking Committee, we have docu… Continue Reading
April 20, 2009
DODD STATEMENT ON ADMINISTRATION'S SUPPORT FOR REFORMING CREDIT CARD PRACTICES
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs and author of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act released the following statement today after White House economic adviser Larry Summers told NBC's David Gregory on Meet the Press that President Obama plans to join Congressional efforts to stop abusive credit card practices. "I welcome President Obama's support for our efforts to crack do… Continue Reading
March 31, 2009
BANKING COMMITTEE PASSES DODD’S SWEEPING LEGISLATION TO REFORM CREDIT CARD INDUSTRY
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today that the Committee passed comprehensive legislation he authored to protect consumers from confusing, misleading and predatory practices by credit card companies. Having fought to reform the credit card industry for over two decades, Dodd wrote the Credit Card Accountability, Responsibility and Disclosure Act, a version of which he introduced in 2004, to provide to… Continue Reading
March 25, 2009
DODD ADVANCES TRANSIT AGENDA WITH SYMPOSIUM ON HOUSING AND TRANSIT
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, will hold a symposium tomorrow entitled "Creating Livable Communities: Housing and Transit Policy in the 21st Century." Dodd has invited Committee members and their staff to hear experts share their views on how to improve the connection between housing and transit policy and how to promote transit-oriented development through the coordination of local planning and land use. … Continue Reading
March 23, 2009
DODD STATEMENT ON ADMINISTRATION’S PUBLIC PRIVATE PARTNERSHIP INVESTMENT PROGRAM
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Administration's Public Private Partnership Investment Program: "In order to turn this economy around and help families in Connecticut and across the nation get back on their feet, we must end the rising number of foreclosures, unfreeze our credit markets and stabilize the banking sector. The Obama Administration has already recogni… Continue Reading
March 19, 2009
STATEMENT OF SENATOR DODD ON EXECUTIVE COMPENSATION AMENDMENT
"I'm the one who has led the fight against excessive executive compensation, often over the objections of many. I did not want to make any changes to my original Senate-passed amendment but I did so at the request of Administration officials, who gave us no indication that this was in any way related to AIG. Let me be clear - I was completely unaware of these AIG bonuses until I learned of them last week. "Reports that I changed my position on this issue are simply untrue. I answered a qu… Continue Reading
March 12, 2009
DODD ADDRESSES CONSUMER FEDERATION OF AMERICA: STRONGER CONSUMER, INVESTOR PROTECTIONS KEY TO ECONOMIC GROWTH
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today addressed the Consumer Federation of America at its 2009 Consumer Assembly, "Challenges and Opportunities in a Year of Recession and Political Change." In his address, Dodd discussed the causes and consequences of the financial crisis and emphasized the inextricable link between strong consumer protections and economic growth. "While we must ensure we do not unduly cra… Continue Reading
March 12, 2009
DODD, SHELBY MEET WITH ADMINISTRATION OFFICIALS ON MODERNIZING OUR FINANCIAL SYSTEM
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 issued the following statement after a meeting with Treasury Secretary Timothy Geithner and the Director of the National Economic Council (NEC), Larry Summers, on regulatory modernization: "Today's meeting was an opportunity for us to put our heads together with Administration officials on how to modernize America's financial… Continue Reading
March 10, 2009
DODD URGES WORLD-CLASS TRANSPORTATION SYSTEM AT TRANSIT CONFERENCE
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today addressed the American Public Transit Association (APTA) Conference, saying that enhancing our nation's transit systems is the key to helping the nation tackle challenges from energy and climate change to sprawl to economic development. Dodd delivered his remarks as the Committee prepares to renew the nation's surface transportation law, which will include transit. As part… Continue Reading
February 18, 2009
DODD STATEMENT ON OBAMA HOUSING PLAN
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Administration's "Homeowner Affordability and Stability Plan": "Only a few short weeks after assuming office, President Obama has outlined a serious plan to address the root cause of our economic crisis - the foreclosure crisis - which is urgently needed after months of empty rhetoric from the Bush Administration. In my home state o… Continue Reading
February 12, 2009
DODD STATEMENT ON EXECUTIVE COMPENSATION AMENDMENT IN ECONOMIC RECOVERY LEGISLATION
Washington, DC - Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today released the following statement on an amendment he authored to curb big bonuses for executives at firms receiving funds from the Troubled Asset Relief Program (TARP): "I'm delighted that my amendment to impose tough new limits on huge bonuses for executives working in firms that receive taxpayer funds will be included in the final economic recovery bill. The decisions of certa… Continue Reading
February 12, 2009
DODD INTRODUCES LEGISLATION TO PROTECT CONSUMERS, END WRONGFUL CREDIT CARD PRACTICES
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today re-introduced The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"), legislation to better protect consumers from confusing, misleading and predatory practices by credit card companies. Tomorrow, the Banking Committee will hold a hearing entitled "Modernizing Consumer Protection in the Financial Regulatory System: Strengthening Credit Car… Continue Reading
February 4, 2009
DODD COMMENDS ADMINISTRATION'S ANNOUNCEMENT ON EXECUTIVE PAY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today applauded the Administration's plans to limit excessive compensation for executives at firms receiving Troubled Asset Relief Program (TARP) funds. Dodd also announced that he will be introducing an amendment to the American Recovery and Reinvestment Act to apply further executive compensation restrictions to all TARP recipients, and to empower the Treasury Secretary to tighte… Continue Reading
January 30, 2009
DODD COMMENDS FREDDIE MAC'S DECISION TO SAFEGUARD RENTERS AFFECTED BY FORECLOSURES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Freddie Mac's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes after Dodd recently urged both David Moffett, the CEO of Freddie Mac, and James Lockhart, the director of the Federal Housing Finance Agency (FHFA), not to evict these renters. Today's outcome means that Freddie Mac is now complian… Continue Reading
January 27, 2009
DODD STATEMENT ON FED'S FORECLOSURE PREVENTION PROGRAM
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Federal Reserve Board's establishment of a foreclosure prevention program. Chairman Dodd wrote a provision into the financial rescue law that directs agencies such as the Fed and the Federal Deposit Insurance Corporation (FDIC) to establish such programs: "I welcome the Federal Reserve Board's decision to finally implement a homeowne… Continue Reading
January 23, 2009
DODD STATEMENT ON SENATE CONFIRMATION OF KEY MEMBERS OF OBAMA ECONOMIC TEAM
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement this evening after the Senate confirmation of two key members of President Obama's economic team who were recently vetted by the Committee. The Senate confirmed by unanimous consent Mr. Shaun Donovan to be Secretary of the U.S. Department of Housing and Urban Development and the Honorable Mary Schapiro to be Chairman of the Securities and Exchange Com… Continue Reading
January 16, 2009
Dodd Statement on Senate Vote Releasing Additional Financial Rescue Funds
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Senate voted against a resolution to block the release of funds authorized by the Emergency Economic Stabilization Act: "The Senate sent an important message today. The incoming Administration will face many challenges in the days and weeks ahead, and none will be more important than addressing our economic crisis swiftly and st… Continue Reading
January 13, 2009
Dodd Holds Hearing on HUD Secretary-Designate Shaun Donovan
Washington, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing on the nomination of Shaun Donovan, President-Elect Obama's Secretary-Designate for the Department of Housing and Urban Development. During the hearing, Dodd highlighted Mr. Donovan's considerable experience and focused on the need to address more forcefully the foreclosure crisis, which is at the root of our economic problems and has hurt families and commun… Continue Reading
January 12, 2009
DODD STATEMENT ON NEED TO STRENGTHEN ECONOMY AND WORK WITH OBAMA ADMINISTRATION
"As Friday's dismal job numbers show, the economic crisis continues to cripple millions of American families and businesses. We need to strengthen our fragile financial system so that families can access the credit they need to pay for a home, a car and college tuition for their children, and businesses can stock inventory and meet payroll. Regrettably, the program intended to meet these objectives has been grossly mismanaged by the current Administration and has not achieved these goals. Pre… Continue Reading
