Majority Press Releases
Statement of Senator Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, on Departure of Roel Campos at SEC
“I appreciate the distinguished service of Roel Campos. His work in the implementation of Sarbanes-Oxley, his role in the development and oversight of the Public Accounting Oversight Board, and his promotion of cooperation among securities regulators and accounting bodies internationally have enhanced the stature of the Commission and effectively promoted investor protection and the fairness and efficiency of the securities markets. “The American securities markets are vital to the economic… Continue Reading
August 7, 2007
Statement of Chairman Dodd in Reaction to Continued Subprime Mortgage Market Turmoil
“As Chairman of the Senate Banking, Housing and Urban Affairs Committee I have taken a number of steps to reduce foreclosures and protect the American Dream of homeownership. These include: · Documenting through multiple hearings the failure of the Federal Reserve and other federal regulators to protect homeowners from the kinds of predatory lending which has been responsible for the record number of foreclosures which we are witnessing. · Successfully persuading the Fed… Continue Reading
August 3, 2007
Statement of Chairman Dodd on Today’s Announcement by American Home Mortgage and the State of the Mortgage Market
Washington, D.C. - “The continuing bad news in the mortgage markets ultimately means greater distress for families all across our nation. It highlights, once again, that regulators were too slow to react to subprime and other lending practices that were clearly unsustainable, particularly higher-risk adjustable mortgages that were underwritten with the full knowledge that borrowers could not afford the payments after interest rates started to rise. The regulators simply did not meet their resp… Continue Reading
August 1, 2007
Dodd, Shelby Laud Committee Approval of Legislation to Protect U.S. Jobs, Combat China Currency Manipulation
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with ranking Senator Richard Shelby (R-AL) today announced that the Committee passed S. 1677, the Currency Reform and Financial Markets Act of 2007. The legislation, which was introduced by Dodd and Shelby on June 21, is intended to level the playing field for American workers and businesses. China’s ongoing intervention to keep the yuan undervalued has contributed to the loss of approx… Continue Reading
August 1, 2007
Dodd, Shelby Laud Committee Approval of Legislation to Protect U.S. Jobs, Combat China Currency Manipulation
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with ranking Senator Richard Shelby (R-AL) today announced that the Committee passed S. 1677, the Currency Reform and Financial Markets Act of 2007. The legislation, which was introduced by Dodd and Shelby on June 21, is intended to level the playing field for American workers and businesses. China’s ongoing intervention to keep the yuan undervalued has contributed to… Continue Reading
August 1, 2007
Committee Passes Dodd Bill to Help Students Afford College
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Committee passed without objection legislation introduced by Senator Dodd to help students and their families afford college. In keeping with Chairman Dodd’s commitment to preserving the American dream, the Private Student Loan Transparency and Improvement Act of 2007 would implement needed reforms in the private student lending market - the fastest-growing segment of the … Continue Reading
August 1, 2007
Committee Passes Dodd Bill to Help Students Afford College
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Committee passed without objection legislation introduced by Senator Dodd to help students and their families afford college. In keeping with Chairman Dodd’s commitment to preserving the American dream, the Private Student Loan Transparency and Improvement Act of 2007 would implement needed reforms in the private student lending market - the fastest-grow… Continue Reading
August 1, 2007
Dodd, Hagel Introduce Bill to Revitalize America’s Infrastructure
Washington, D.C. - Responding to a looming crisis that jeopardizes the prosperity and quality of life of all Americans, Senators Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Chuck Hagel, R-Neb., today introduced a measure to revitalize, repair, and replace America’s aging and crumbling roads, bridges, transit systems, and water treatment facilities. Two dramatic headlines in recent weeks have highlighted the escalating problem. Two weeks ago… Continue Reading
July 26, 2007
President Signs Dodd, Shelby CFIUS Legislation
Senators Chris Dodd, D-Conn., and Richard Shelby, R-Ala., Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today commended the President for signing into law the Foreign Investment and National Security Act of 2007. The bill, authored in the Senate by Dodd and Shelby, will reform the Committee on Foreign Investment in the United States (CFIUS) by strengthening the role of the Director of National Intelligence, mandating the designation of a lead agency … Continue Reading
July 26, 2007
President Signs Dodd, Shelby CFIUS Legislation
Washington, D.C. - Senators Chris Dodd, D-Conn., and Richard Shelby, R-Ala., Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today commended the President for signing into law the Foreign Investment and National Security Act of 2007. The bill, authored in the Senate by Dodd and Shelby, will reform the Committee on Foreign Investment in the United States (CFIUS) by strengthening the role of the Director of National Intelligence, mandating the designatio… Continue Reading
July 26, 2007
Chairman Dodd Secures Transit Security Measure in 9/11 Bill
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, announced today that he has helped secure new transit security investments and improvements as part of a comprehensive 9-11 Conference Report finalized today by House and Senate conferees . The transit security legislation will provide additional resources -- $3.5 billion over the next four years -- distributed on the basis of risk, directly to public transit systems to better protect against te… Continue Reading
July 26, 2007
Chairman Dodd Secures Transit Security Measure in 9/11 Bill
Washington, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, announced today that he has helped secure new transit security investments and improvements as part of a comprehensive 9-11 Conference Report finalized today by House and Senate conferees . The transit security legislation will provide additional resources -- $3.5 billion over the next four years -- distributed on the basis of risk, directly to public transit systems to better… Continue Reading
July 20, 2007
Statement of Banking Committee Chairman Chris Dodd and Ranking Member Richard Shelby on Federal Banking Regulators Agreement on Basel II Regulations
“We are pleased that federal banking regulators have reached a consensus on implementing the Basel II Capital Accords. The successful implementation of Basel II is vital to ensuring that the U.S. banking system is adequately capitalized and that U.S. financial services firms remain competitive in the global economy. As we stated in our letter to banking regulators on Tuesday, we believed that it was imperative that all four federal banking regulators support the final Basel II regulations. We… Continue Reading
July 18, 2007
Statement of Chairman Dodd in Reaction to Fed Chairman Bernanke Comments on the Home Ownership and Equity Protection Act (HOEPA)
“I am encouraged by today’s announcement. Mr. Bernanke and the Governors appear to finally acknowledge that they have a duty to act to protect consumers from abusive mortgage practices and products. Many of my colleagues and I have laid out a course we think the Board must follow to meet this obligation. It goes without saying that actions speak louder than words and the Fed now needs to spell out what they intend to specifically do to protect American homeowners. I intend to make that poin… Continue Reading
July 17, 2007
Dodd, Shelby Urge Regulators to Reach Consensus on Basel II
Senator Chris Dodd, D-Conn., and Senator Richard Shelby, R-Ala., Chairman and Ranking Member of the Senate Banking Committee, today wrote to the Federal Reserve, Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, to urge them to reach a consensus on final regulations to implement Basel II. Click here for the full text of the letter.… Continue Reading
July 17, 2007
Dodd, Shelby Urge Regulators to Reach Consensus on Basel II
Washington, D.C. - Senator Chris Dodd, D-Conn., and Senator Richard Shelby, R-Ala., Chairman and Ranking Member of the Senate Banking Committee, today wrote to the Federal Reserve, Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, to urge them to reach a consensus on final regulations to implement Basel II. Click here for the full text of the letter.… Continue Reading
July 12, 2007
Chairman Dodd Decries Increased Trade Deficit
Washington, D.C. - Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement in reaction to release of the U.S. trade deficit numbers, indicating that a third, or $20 billion, of the trade deficit in May was with China: “Today’s trade numbers indicate that the U.S. continues to run an unhealthy trade deficit at a pace of over $700 billion per year. More disturbing is that one-third of our deficit in the month of May… Continue Reading
July 12, 2007
Chairman Dodd Decries Increased Trade Deficit
Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement in reaction to release of the U.S. trade deficit numbers, indicating that a third, or $20 billion, of the trade deficit in May was with China: “Today’s trade numbers indicate that the U.S. continues to run an unhealthy trade deficit at a pace of over $700 billion per year. More disturbing is that one-third of our deficit in the month of May was with just one … Continue Reading
July 11, 2007
Dodd, Frank, Shelby, Bachus, and Maloney Laud House Passage of CFIUS Reform Legislation
Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) and Representatives Barney Frank (D-MA), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY), today applauded both the House and Senate for passing needed reforms of the Committee on Foreign Investments in the United States (CFIUS) for reviewing direct foreign investments for national security purposes. The Foreign Investment and National Security Act of 2007, H.R. 556, which passed the House in February and the Senate last month, will strength… Continue Reading
July 11, 2007
Dodd, Frank, Shelby, Bachus, and Maloney Laud House Passage of CFIUS Reform Legislation
WASHINGTON, D.C. - Senators Chris Dodd (D-CT) and Richard Shelby (R-AL) and Representatives Barney Frank (D-MA), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY), today applauded both the House and Senate for passing needed reforms of the Committee on Foreign Investments in the United States (CFIUS) for reviewing direct foreign investments for national security purposes. The Foreign Investment and National Security Act of 2007, H.R. 556, which passed the House in February and the Senate last m… Continue Reading
