Majority Press Releases
DODD, SHELBY EXAMINE MADOFF FRAUD, REQUEST INFORMATION FROM SEC
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 announced that they are examining the reported fraud by Bernard Madoff. In a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox, the Senators specified that they are reviewing how federal regulators supervised and oversaw this firm and requested documents and other information about the case. "The Bank… Continue Reading
December 23, 2008
DODD STATEMENT ON SHAWN MAHER
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today made the following statement on Shawn Maher, the Committee's Staff Director and General Counsel who will be the Obama Administration's Deputy Director of Legislative Affairs for the United States Senate. Maher has served as Staff Director and General Counsel since Dodd became Chairman in January 2007; prior to that, he was Dodd's Legislative Director. "After nearly 14 … Continue Reading
December 18, 2008
DODD STATEMENT ON FED'S RULES ON CREDIT CARDS
"Confusing, misleading and in some cases predatory practices have become the standard operating procedure for many in the credit card industry. As a result, American consumers - the bread and butter of our economy - are increasingly finding themselves buried under an avalanche of debt. These rules will crack down on some of these practices, and I applaud the Fed for taking action. But more must be done to protect consumers, which is why I plan to re-introduce the Credit Card Accountability, R… Continue Reading
December 18, 2008
DODD STATEMENT ON PRESIDENT-ELECT OBAMA?S SEC AND FED NOMINEES
"As our country struggles through this severe recession, we need regulators who will be strong cops on the beat, rather than turn a blind eye to the reckless practices that have caused this crisis. The reported fraud by Bernard Madoff is a stark reminder of the need for regulators that are committed to supervision, oversight, and protecting American investors and consumers. "President-Elect Obama has assembled an economic team that will work to provide financial security for hard-working Amer… Continue Reading
December 15, 2008
DODD WELCOMES DECISION TO ALLOW RENTERS TO STAY IN THEIR HOMES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae's decision to allow renters to remain in properties that have been foreclosed on by the mortgage company. The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties. Dodd… Continue Reading
December 15, 2008
Dodd Statement on HUD Secretary Nominee Shaun Donovan
"I commend President-Elect Obama's nomination of Shaun Donovan to be Secretary of Housing and Urban Development. I believe that Congress as well as the housing community will welcome this choice, and that Mr. Donovan's background prepares him to address the extremely difficult challenges our country faces in helping Americans find affordable housing. I look forward to having Mr. Donovan before the Banking Committee at the earliest opportunity." -30-… Continue Reading
December 10, 2008
DODD ANNOUNCES LEGISLATION TO STABILIZE, RESTRUCTURE, REFORM AUTO INDUSTRY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry: "This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job. It also takes tough measures to restructure and ref… Continue Reading
December 9, 2008
DODD STATEMENT ON SENATE CONFIRMATION OF SPECIAL INSPECTOR GENERAL NEIL BAROFSKY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program. The confirmation passed by unanimous consent last night. Under Chairman Dodd's leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated … Continue Reading
December 2, 2008
DODD STATEMENT ON FINANCIAL RESCUE REPORT
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after receiving a report from the Government Accountability Office (GAO) on the Treasury Department's implementation of the Troubled Asset Relief Program. Dodd incorporated the GAO reporting requirement in the financial rescue package in order to ensure adequate oversight of the law. "I appreciate the insights and recommendations that the G… Continue Reading
December 2, 2008
BIG THREE RESTRUCTURAL PLANS PRESENTED TO CONGRESS
Click for Ford Motor Company's Report and Restructural Plan Presented to Congress Click for Ford Motor Company's Restructural Plan Appendix Powerpoint Click for General Motors Corporation's Letter about Restructural Plan Click for General Motors Corporation's Report and Restructural Plan Presented to Congress Click for Chrysler Corporation's Letter about Restructural Plan Click for Chrysler Corporation's Report and Restructural Plan Presented to Congress Click for Chrysler Corporation's … Continue Reading
November 24, 2008
DODD STATEMENT ON CITIGROUP
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after the Bush Administration announced a plan to provide assistance to Citigroup: "Our financial system is facing unprecedented challenges. More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated… Continue Reading
November 24, 2008
DODD STATEMENT ON OBAMA ECONOMIC TEAM AND ECONOMIC RECOVERY PLAN
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan: "I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery. These actions demonstrate that he is moving quickly and responsibly to address our nation's economic… Continue Reading
November 21, 2008
DODD STATEMENT ON NOMINATION OF SPECIAL INSPECTOR GENERAL NEIL BAROFSKY
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 nomination of Neil Barofsky to be Special Inspector General Committee for the Troubled Asset Relief Program. Having officially received the nomination on Monday, Dodd convened the Committee for a hearing just two days later. The nomination was cleared by members of the Senate Banking Committee, the leadership of the Senate Committee on … Continue Reading
November 12, 2008
DODD STATEMENT ON TREASURY'S IMPLEMENTATION OF FINANCIAL RESCUE PACKAGE
"I appreciate the Treasury Department's willingness to adjust to the current situation in our financial markets. I am also gratified that they listened to Congress when we insisted on including alternative strategies, such as liquidity injections, in the financial rescue legislation. It is alarming to imagine how limited the Treasury's options would be if Congress had not made substantial changes to their three page proposal. "While I believe that today's announcement is the appropriate cou… Continue Reading
November 12, 2008
DODD STATEMENT ON GOVERNMENT LOAN MODIFICATION PROGRAM
"This is a constructive step forward. However, I regret that the industry did not take it much, much earlier when it might have done more to stem the overwhelming tide of foreclosures ravaging our neighborhoods and forcing thousands of American families from their homes. Moreover, this should not be considered a replacement for the guarantee program authorized by the recently-enacted financial rescue law which the FDIC has agreed to operate. We are still awaiting agreement from the Treasury … Continue Reading
November 6, 2008
CHAIRMAN DODD LAYS OUT PRIORITIES FOR 111TH CONGRESS
WASHINGTON, DC - Senator Chris Dodd (D-CT) announced today that he will continue to serve as the Chairman of the Senate Committee on Banking, Housing and Urban Affairs in the 111th Congress. Chairman Dodd pledged to continue to work with Ranking Member Richard Shelby (R-AL) as well as Senate leadership and the new Administration to build an economy that is strong and in which every American has the opportunity to succeed. "If we are going to be strong in the world, we must be strong at home," … Continue Reading
November 3, 2008
BANKING COMMITTEE MEMBERS URGE PRESIDENT BUSH TO ADDRESS FORECLOSURE CRISIS
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with several other members of the Committee, today sent a letter to President Bush urging the Administration to address the root cause of our nation's economic problems - the foreclosure crisis. The Emergency Economic Stabilization Act gives the Administration considerable new authority to prevent foreclosures. While recent news reports have indicated that the Administratio… Continue Reading
October 30, 2008
Statement of Chairman Dodd on Federal Reserve Rate Cut
"Today's interest rate cut is a welcome step to the extent that it facilitates the unlocking of our credit markets so that businesses can continue to operate and American families are able to afford homes, cars and to send their children to college. Recent rate cuts, including today's, also underscore Chairman Bernanke's foresight in rejecting calls by other Federal Reserve Governors to raise interest rates several months ago. "However, this action alone will not solve our current economic pro… Continue Reading
October 29, 2008
The Federal Reserve's Report on the Money Market Investor Funding Facility
For the federal reserve's report on the money market investor funding facility click here… Continue Reading
October 15, 2008
Statement of Chairman Dodd on Reports from Federal Reserve
WASHINGTON, DC - As part of the recently-enacted Emergency Economic Stabilization Act, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, successfully worked to require the Federal Reserve to report to the Congress when it undertakes loans made under unusual and exigent circumstances. Dodd released the following statement after receiving the first two reports from the Federal Reserve: "I appreciate that the Federal Reserve has submitted the initia… Continue Reading
