Majority Press Releases
DODD ON JANUARY’S JOB LOSS:
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the Bureau of Labor Statistics announcement that 18,000 jobs were lost in January: “I support a short-term stimulus package that puts more money in the pockets of working families, and that stimulates the housing sector. I’m pleased that that there seems to be broad agreement in Washington - among the President and the Congr… Continue Reading
January 31, 2008
DODD: THE EPICENTER OF THIS ECONOMIC CRISIS IS THE HOUSING CRISIS
“Strengthening Our Economy: Foreclosure Prevention and Neighborhood Preservation” WASHINGTON, DC - As the nation experiences a dramatic economic slowdown and Congress considers economic stimulus packages to present to the President, Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, held his first hearing of the year on the root cause of the current problems in the economy: the tumult in the mortgage markets and the rising number of home foreclosures. … Continue Reading
January 30, 2008
DODD ON FED RATE CUT:
Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today issued a statement in response to the Federal Reserve Board’s announcement to cut interest rates: “Today’s interest rate cut by the Federal Reserve and this morning’s data showing dramatically slower economic growth indicate that the problems that originated in the sub-prime mortgage market continue to reverberate through the financial system and the broader economy. While the Fed’s recent action… Continue Reading
January 30, 2008
DODD: WE NEED TO PUT OUR ECONOMY BACK ON TRACK
Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing and Urban Affairs, today issued the following statement in reaction to the Bureau of Economic Analysis (BEA’s) announcement of the 4th Quarter Gross Domestic Product (GDP) numbers for 2007, which indicated 4th quarter growth slowed to 0.6%, a sharp contrast with the almost 5% growth from the previous quarter: “The drop in the GDP confirms what economists, businesses, policy makers, and individuals across the country hav… Continue Reading
January 29, 2008
DODD: HOUSE/ADMINISTRATION STIMULUS PACKAGE GOOD, MORE NEEDS TO BE DONE TO STRENGTHEN ECONOMY, ADDRESS HOUSING
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today spoke on the Senate floor about ways to stimulate the weakened U.S. economy. Dodd, who has repeatedly tied the recent economic downfall to the foreclosure crisis, has urged Congressional leaders to incorporate provisions that deal with the housing crisis in any stimulus bill they present to the President. Dodd will hold a hearing on this issue on Thursday. Below are his… Continue Reading
January 25, 2008
DODD TO PAULSON: HOUSING CRISIS CATALYST OF ECONOMIC CRISIS
Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today continued his efforts to address the recent weakening of the U.S. economy by meeting with Treasury Secretary Henry Paulson to discuss stimulus package proposals and efforts to reduce record foreclosure rates which are forcing people out of their homes. Dodd, who has tied the recent economic downturn to the foreclosure crisis, has urged leaders in Congress and the Administration to incorporate provisi… Continue Reading
January 23, 2008
DODD’S BANKING COMMITTEE: HELPING WORKING FAMILIES, PROMOTING ECONOMIC PROSPERITY
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a press conference to discuss the recent market volatility and downturn in the American economy, as well as the priorities that the Banking Committee will focus on over the year ahead to help working families and businesses achieve economic security and prosperity. Below are his remarks as prepared: Good afternoon. Thank you for being here. I would like to speak… Continue Reading
January 23, 2008
DODD RECOMMENDS FORECLOSURE PREVENTION COMPONENTS FOR STIMULUS PACKAGE
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, yesterday sent a letter to Majority Leader Reid recommending that any potential stimulus bill should include several provisions to help American homeowners avoid foreclosure, help local governments deal with foreclosed and abandoned properties, and modernize the Federal Housing Administration (FHA), among others. Click here for the full text of the letter .… Continue Reading
January 15, 2008
INFRASTRUCTURE BILL AUTHOR DODD: VITALLY IMPORTANT TO RENEW, REBUILD NATION’S INFRASTRUCTURE
Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Banking, Housing and Urban Affairs Committee, made the following statement in reaction to a report issued today by the National Surface Transportation Policy and Revenue Study Commission on America’s transportation needs: “This is an important report. I look forward to examining and studying its recommendations in greater detail. Each and every day millions of Americans rely on our nation’s roads, bridges, a… Continue Reading
January 10, 2008
SENATE BANKING COMMITTEE CHAIRMAN DODD NAMES AMY FRIEND MAJORITY CHIEF COUNSEL
Senator Chris Dodd, D-CT., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, has named Amy Friend Chief Counsel for the Committee. Friend currently serves as Assistant Chief Counsel at the Office of the Comptroller of the Currency (OCC). “Amy’s experience, knowledge, and expertise make her a wonderful addition to the Banking Committee staff, said Dodd. “Her talents and the wealth of private and public experience she possesses will be of enormous benefit to the Committe… Continue Reading
December 21, 2007
DODD HIGHLIGHTS BANKING COMMITTEE ACCOMPLISHMENTS
Washington, D.C. - Nearing the end of his first year as Chairman of the Senate Banking, Housing and Urban Affairs Committee, Senator Chris Dodd, D-Conn., highlighted the bipartisan accomplishments of the Committee this year and commended Committee members for producing an extensive list of legislative achievements that strengthen security, expand opportunity, and increase prosperity for all Americans. Highlights of the Senate Banking Committee’s legislative accomplishments during the 110th Cong… Continue Reading
December 19, 2007
DODD, SHELBY REACT TO TREASURY SEMI-ANNUAL CURRENCY REPORT
Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala., today made the following statements in reaction to the Treasury Department semi-annual currency report that is required by law to be delivered to the Banking Committee: “Today’s Treasury report acknowledges China’s massive intervention to keep its currency undervalued. In essence, Treasury admits there is smoke but refus… Continue Reading
December 19, 2007
Statement of Senator Dodd, Chairman of the Senate Banking Committee, on Morgan Stanley-China Investment Corporation Deal
“Earlier this year, the Senate Banking Committee enacted legislation to tighten the federal review and approval process for foreign investments in the United States, particularly by foreign governments. A Chinese sovereign wealth fund is now proposing to acquire a sizable interest in Morgan Stanley. As Chairman of the Senate Banking Committee, I need to know more about the specifics of this deal, including whether a CFIUS review is warranted, before coming to any conclusions about this matter.… Continue Reading
December 18, 2007
Statement of Senator Dodd on House Passage of Senate TRIA Bill
“I commend the House for their approval of this measure. It will help to protect our nation’s workers and businesses from the risk of terrorism and help to ensure that our economy is able to thrive and create jobs. This is a carefully crafted, strong and balanced bill that the President has said he will sign into law. I want to thank Senator Shelby, Majority Leader Reid, Republican Leader McConnell, Chairman Frank and others who helped make this day a reality.” Senator Dodd co-authored th… Continue Reading
December 18, 2007
Statement of Senator Dodd, Chairman of the Senate Banking Committee, in Reaction to Proposed Fed Housing Rules
“Regrettably, Chairman Bernanke, Governor Kroszner and the Federal Reserve Board took a significant step backwards today. The Board did not even have the courage of its convictions -- the Board weakened its earlier guidance on requiring an originator to fully analyze a borrower’s ability to repay the mortgage at the fully indexed rate, the most fundamental measure of good lending. Because this rule requires a showing of a ‘pattern and practice’ of violations, no individual subprime borrower… Continue Reading
December 18, 2007
DODD HAILS FINAL PASSAGE OF HIS BILL WHICH WILL ENCOURAGE DIVESTMENT FROM DARFUR
Washington, D.C. - Senator Chris Dodd (D-CT) today hailed final passage of his legislation which will provide several tools for pressuring the government of Sudan into halting the ongoing genocide in Darfur. The “Sudan Accountability and Divestment Act,” will now go to the President’s desk. “Darfur is a humanitarian disaster,” said Dodd. “More than 450,000 people have been killed and 2 million displaced. Now is the time to take action and end the suffering of the people of Darfur. This le… Continue Reading
December 17, 2007
BANKING COMMITTEE CHAIRMAN DODD NAMES HOLLINGSWORTH DEPUTY STAFF DIRECTOR AND SENIOR POLICY ADVISOR
- Senator Chris Dodd, D-Ct., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, has named Roger Hollingsworth as Deputy Staff Director and Senior Policy Advisor for the Committee. “Roger brings a wealth of knowledge, judgment and experience to the Committee,” said Dodd. “His experience in both the Senate and private sector will be an asset as the Committee continues to tackle important issues facing our nation. I appreciate his willingness to serve in this important po… Continue Reading
December 14, 2007
SENATE PASSES DODD’S BILL TO HELP FAMILIES KEEP AND BUY THEIR HOMES
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Banking, Housing, and Urban Affairs Committee, today announced that the Senate has approved the Federal Housing Administration Modernization Act of 2007. The legislation seeks to help American families that have been hit hard by the current crisis in the mortgage markets, including those who currently face the threat of foreclosure and those who may be trying to find fair and affordable financing to buy a new home. “American famili… Continue Reading
December 12, 2007
DODD INTRODUCES LEGISLATION TO PROTECT AMERICAN HOMEOWNERSHIP
WASHINGTON, D.C. - As a part of his comprehensive strategy to protect, preserve and promote the American dream of homeownership, Senator Chris Dodd (D-CT) today introduced legislation to help put an end to the abusive and predatory lending practices that have sent thousands of Americans into foreclosure and put thousands more in danger of losing their homes. The Homeownership Preservation and Protection Act of 2007 is cosponsored by Senators Reed (D-RI), Schumer (D-NY), Menendez (D-NJ), Akaka (… Continue Reading
December 11, 2007
Statement of Chairman Dodd on Federal Reserve’s Policy Action
“Today’s action by the Fed clearly indicates that the problems that originated in the sub-prime mortgage market continue to reverberate through the financial system and the broader economy. Just as the Fed has a duty to manage monetary policy in times of turmoil, so, too, does it have a duty to protect homebuyers from unfair and deceptive practices. The Fed has failed to adequately carry out this duty over the past 13 years by failing to meet its obligations under the Home Ownership and Equity … Continue Reading
