Majority Press Releases
Statement of Senator Dodd on New Century Corp's Bankruptcy Filing
“New Century’s filing for bankruptcy protection is yet another illustration of the depth and breadth of the turmoil in the subprime mortgage market. In addition to the millions of Americans at risk of losing their homes, now thousands of New Century employees are facing unemployment. I hope that this announcement sends a serious signal to the federal regulators and other participants in the mortgage finance industry that they must make immediate changes in order to prevent any more Americans f… Continue Reading
March 29, 2007
Statement of Senator Dodd on House GSE Mark
“I congratulate Barney Frank and Spencer Bachus for their action today. I continue to believe that GSE reform is appropriate and necessary. There is a consensus that we need a stronger, more independent regulator with a deeper commitment to affordable housing. I look forward to working with Senator Shelby and other members of the Committee to move this important issue forward.”… Continue Reading
March 29, 2007
Dodd Transit Security Priority Receives New Resources
Continuing his fight to protect Americans from the threat of terrorism, Senator Chris Dodd (D-CT) today announced that the Senate has approved an additional $625 million in new resources to help improve transit and rail security and safety nationwide. The funding, approved as part of the Supplemental Appropriations measure approved today, is in addition to the $175 million approved last month as part of the Fiscal Year 2007 budget. The $800 million total is more than all of the funding app… Continue Reading
March 29, 2007
Dodd Transit Security Priority Receives New Resources
Washington, D.C. - Continuing his fight to protect Americans from the threat of terrorism, Senator Chris Dodd (D-CT) today announced that the Senate has approved an additional $625 million in new resources to help improve transit and rail security and safety nationwide. The funding, approved as part of the Supplemental Appropriations measure approved today, is in addition to the $175 million approved last month as part of the Fiscal Year 2007 budget. The $800 million total is more than all of th… Continue Reading
March 28, 2007
DODD COMMENDS HOUSE PASSAGE OF TRANSIT SECURITY
Washington, D.C. -- Senator Chris Dodd (D-CT) today commended the House for approving a transportation measure, the Rail and Public Transportation Security Act of 2007, to bolster transit and rail security and safety nationwide. Senator Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, recently successfully won Senate approval for a measure passed out of his committee that will provide additional resources -- $3.5 billion over the next three years -- distributed on … Continue Reading
March 28, 2007
DODD COMMENDS HOUSE PASSAGE OF TRANSIT SECURITY
Senator Chris Dodd (D-CT) today commended the House for approving a transportation measure, the Rail and Public Transportation Security Act of 2007, to bolster transit and rail security and safety nationwide. Senator Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, recently successfully won Senate approval for a measure passed out of his committee that will provide additional resources -- $3.5 billion over the next three years -- distributed on the basis of risk, d… Continue Reading
March 22, 2007
DODD PROTECTS HOMEOWNERSHIP, PRESERVES AMERICAN DREAM
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today heard from regulators, industry executives, and consumers at a hearing he convened to investigate the subprime mortgage crisis that could cause 2.2 million homeowners to lose their homes in the next few years. Today’s hearing, entitled “Mortgage Market Turmoil: Causes and Consequences,” was one element of Dodd’s comprehensive approach to the problem of rising home foreclosures and defaults,… Continue Reading
March 22, 2007
Opening Statement of Chairman Chris Dodd - Hearing on "Mortgage Market Turmoil: Causes and Consequences"
I want to welcome everyone to today’s hearing, which we have entitled “Mortgage Market Turmoil: Causes and Consequences.” You cannot pick up a newspaper lately without seeing another story about the implosion of the subprime mortgage market. The checks and balances that we are told exist in the marketplace, and the oversight that the regulators are supposed to exercise, have been absent until recently. Our mortgage system appears to have been on steroids in recent years - giving everyon… Continue Reading
March 21, 2007
Opening Statement of Chairman Chris Dodd - Hearing on "Minimizing Potential Threats from Iran: Assessing the Effectiveness of Current US Sanctions on Iran"
Good morning, and welcome to all of you: Under Secretary Burns, Under Secretary Levey, and Acting Under Secretary Foulon. Thank you for joining us today. Let me take a minute to lay out how we are going to proceed this morning. Under Secretary Burns has a meeting later this morning with the President, and so must leave a little early. I appreciate his willingness to join us early this morning, and want to do what I can to accommodate his and the President’s schedule. I propose that Sen… Continue Reading
March 21, 2007
DODD ASSESSES EFFORTS BY U.S. TO INCREASE ECONOMIC, DIPLOMATIC, POLITICAL PRESSURE ON IRAN
Senator Chris Dodd, Chairman of the Banking, Housing, and Urban Affairs Committee, today questioned key Administration witnesses charged with overseeing U.S-Iranian policy to help assess progress in efforts to change Iran's behavior, and determine what further steps should be taken by the United States government to strengthen these efforts. “It’s important to publicly assess the progress on efforts by the Bush Administration to increase economic, diplomatic and political pressure on the gov… Continue Reading
March 16, 2007
Statement of Senator Dodd on Wal-Mart's Announcement
“While today’s announcement by Wal-Mart ends the debate as to whether or not the company should be granted an ILC charter, it does not end the dialogue about broader policy implications and concerns regarding ILC ownership that were raised as a result of Wal-Mart’s application. I intend to continue to examine this issue in a thoughtful and deliberate manner.”… Continue Reading
March 14, 2007
Prepared Remarks of Senator Dodd to the U.S. Chamber of Commerce “First Annual Capital Markets Summit: Securing America’s Competitiveness”
March 14 - Thank you, Tom, for that kind introduction. And thank you all for this opportunity to speak with you this morning. It’s hard to believe that ten years have passed since Tom became President and CEO of the Chamber. He has done an outstanding job of leading this remarkable organization. I am proud to have had Tom’s and the Chamber’s support on some of the most important pieces of legislation with which I have been associated. Laws like the Private Securities Litigation Reform… Continue Reading
March 14, 2007
DODD TO U. S. CHAMBER OF COMMERCE: I take a back seat to no one in my commitment to the preeminent power of America’s Markets.
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today asserted his confidence in America’s capital markets and offered his thoughts on how to strengthen those markets when addressing the U.S. Chamber of Commerce at its Capital Markets Summit. Chairman Dodd is considered an authority on financial and economic issues, having served on the Banking Committee for over 26 years, through the 1987 stock market crash, the Asian financial crisis, and th… Continue Reading
March 14, 2007
DODD APPLAUDS SENATE PASSAGE OF TRANSIT SECURITY BILL
Senator Chris Dodd (D-CT) announced today that S. 763, the Public Transportation Terrorism Prevention Act of 2007, passed as part of the comprehensive 9-11 legislation that the Senate approved by a vote of 60 to 38. The transit security legislation, Title XIV of the 9-11 package, was prompted by witnesses who testified before Dodd in January that the current Administration is doing far too little to protect America’s 14 million daily transit riders from the risk of terrorist acts. The Banking … Continue Reading
March 14, 2007
Chairman Dodd's Remarks Before the National League of Cities Conference
I'm honored to be here and to be once again a part of an organization that I respect immensely and during my 26 years in the Senate I have enjoyed working with my delegation in Connecticut on many, many issues that are common to all of you here in this room. And as of a few months ago I have now become the new chairman of the Senate Banking, Housing and Urban Affairs Committee. And I intend to put the "Urban" back into that committee's title, with the work that you are interested in and I'm … Continue Reading
March 9, 2007
SEN. DODD ANNOUNCES HEARING ON AVAILABILITY AND AFFORDABILITY OF INSURANCE IN THE GULF AND OTHER COASTAL STATES
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today in New Orleans that he will hold a hearing on the impact that Katrina and other natural catastrophes have had on the availability and affordability of insurance for families and businesses in the Gulf Coast and other coastal regions across the country. Chairman Dodd will examine the current practices of the insurance industry, specifically the claims processed post-Katrina and the… Continue Reading
March 6, 2007
Statement of Chairman Dodd In Response to Bernanke Comments on GSEs
“In my view, there is broad agreement that we should create a new regulator to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This new regulator must have a number of core powers in order to do its job effectively, and to be considered credible in the eyes of the public. These powers include: the ability to set both minimum and risk-based capital levels for the Enterprises; enhanced enforcement and prompt corrective action powers, including the authority to set and enforce p… Continue Reading
March 2, 2007
Chairman Dodd's Statement on Regulators’ Decision to Protect Subprime Borrowers
“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have alread… Continue Reading
March 2, 2007
STATEMENT OF CHAIRMAN DODD ON REGULATORS’ DECISION TO PROTECT SUBPRIME BORROWERS
“Two weeks ago, I told Federal Reserve Chairman Bernanke that the federal regulators had given an inadequate response to the December 7, 2006 letter several of my Committee colleagues and I sent them. That letter urged the regulators to extend the exotic mortgage guidance to subprime hybrid adjustable rate mortgages (ARMs). Today, we got the right answer. The federal regulators have taken a vital first step to provide subprime borrowers with the same protections they have already extended… Continue Reading
March 1, 2007
Statement of Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Citigroup Decision on Credit Cards
Washington, D.C. - “I commend Citigroup for taking this positive step to reform their credit card practices. As I’ve stated previously, I believe credit cards have an important role to play and that they are a valuable and important tool to help consumers build more financially secure and prosperous lives. However, a number of practices within the credit card industry have in many cases weakened rather than strengthened consumers’ financial well-being as they strive to attain financial security … Continue Reading
