Minority Press Releases
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
October 14, 2008
DODD SUPPORTIVE OF ADMINISTRATION'S PLAN, OUTLINES CONSUMER-FOCUSED AGENDA TO COMPLETE ECONOMIC RECOVERY
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that he is supportive of the Administration's plan to use the authority granted by the Emergency Economic Stabilization Act passed by Congress last month. This legislation expanded the range of options that federal agencies can use to intervene in the economy, including direct liquidity injections into our nation's banks. This assistance will be subject to the pro… Continue Reading
October 3, 2008
DODD STATEMENT ON HOUSE PASSAGE AND PRESIDENT'S SIGNATURE OF THE EMERGENCY ECONOMIC STABILIZATION ACT
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the House of Representatives passed and the President signed the Emergency Economic Stabilization Act: "I commend Chairman Frank, Speaker Pelosi, and Congressmen Emanuel, Boehner and Blunt for their contributions to this bipartisan, bicameral effort. "With this legislation, Congress has sent a strong message to the American people -… Continue Reading
October 1, 2008
STATEMENT OF SENATOR DODD ON SENATE PASSAGE OF THE EMERGENCY ECONOMIC STABILIZATION ACT
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the Senate passed the Emergency Economic Stabilization Act: "The legislation that the Senate passed tonight is the product of thoughtful and deliberate bipartisan cooperation, and is a vast improvement over the blank check that the Administration sought just days ago. The Emergency Economic Stabilization Act will not only provide stabi… Continue Reading
October 1, 2008
DODD ANNOUNCES LAUNCH OF HOPE FOR HOMEOWNERS PROGRAM
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced the enactment of the HOPE for Homeowners program, a voluntary initiative to help distressed borrowers refinance their mortgages. HOPE for Homeowners was established as part of the Housing and Economic Recovery Act (HERA), comprehensive housing legislation that Senator Dodd authored along with Senator Richard Shelby (R-AL) and Congressman Barney Frank (D-MA). HERA … Continue Reading
October 1, 2008
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 Oct. 1, 2008- The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link For one-page summary of the EESA: Click link For section-by-section analysis of the EESA: Click link… Continue Reading
September 25, 2008
DODD REACTS TO PRESIDENT'S ADDRESS
WASHINGTON, D.C. - Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement after the President's address tonight: "It is regrettable that 40 days before an election, it has taken the worst economic crisis in our nation since the Great Depression to finally get the attention of the President. Until this point, the cries for help from millions of Americans being forced from their homes and struggling to make ends meet fell… Continue Reading
September 22, 2008
DODD AVAILABILITY TODAY
WASHINGTON - Senator Chris Dodd (D-CT) will hold a meeting with some of his Democratic and Republican Banking Committee colleagues today to discuss the legislation that he has drafted based on the Treasury Department's proposal as received by Congress over the weekend. The meeting will occur at 3:15 p.m. TODAY in Russell Senate Office Building Room 448. Cameras are invited to spray the room at the top, and Dodd will be available to speak with reporters immediately following the meeting. -3… Continue Reading
September 22, 2008
CHAIRMAN DODD: WORKING TO STABILIZE ECONOMY
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after receiving a proposal from the Administration on how to address our economic crisis: "At this critical moment in time, we are working as expeditiously as we can to help stabilize the economy in a manner that protects taxpayers and promotes homeownership. I have spoken with Secretary Paulson, and am working with my Democratic and Republ… Continue Reading
September 19, 2008
DODD STATEMENT ON MEETING WITH ADMINISTRATION, CONGRESSIONAL LEADERS
"This evening's meeting is a testament to the extremely serious challenges facing our economy. Tonight, the Administration put forward some constructive ideas, and I look forward to receiving more details. Bad lending practices and lax oversight are the root cause of this crisis. As such, a comprehensive and constructive proposal must include relief for millions of American homeowners facing foreclosure. I am committed to working with the Administration and my Democratic and Republican colleague… Continue Reading
September 17, 2008
DODD STATEMENT ON AIG
"I appreciate Chairman Bernanke and Secretary Paulson informing me of their decision regarding AIG. This decision is a clear sign that the financial crisis - which is a direct consequence of this Administration's neglect and wayward economic policies - continues to deepen. Actions that were inconceivable just days ago are now occurring in a manner and at a pace that is certainly cause for concern. The Banking Committee will continue to play a constructive role in resolving this crisis. In or… Continue Reading
September 15, 2008
DODD STATEMENT ON MARKET TURMOIL
"The economic crisis facing our country is deepening, as we saw over the weekend with the failure of Lehman Brothers and the sale of Merrill Lynch. To fully understand the implications of these events, we need to learn more about the Administration's involvement, and its plans going forward. At the Treasury Secretary's request, I have postponed tomorrow's hearing. "Millions of Americans are struggling to make ends meet as unemployment rises, home values plummet, and everyday necessities like … Continue Reading
September 12, 2008
DODD: UNFAIR LENDING PRACTICES FORM DISTURBING TREND
Washington, DC - Today, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on Home Mortgage Disclosure Act data released by the Federal Reserve, which showed that denial rate differences based on race widened from 2006 to 2007: "This data is further proof of a disturbing and continuing trend of unfair lending practices in our country. At a time when turmoil in the mortgage markets caused by unfair and unsound lendin… Continue Reading
September 8, 2008
DODD STATEMENT ON ADMINISTRATION'S PLAN FOR FANNIE MAE & FREDDIE MAC
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "There are still many unanswered questions about the Administration's plan, and Americans deserve to know if this unprecedented proposal will help keep mortgages affordable, stabilize the markets, and protect taxpayer interests. Furthermore, we need to understand the circumstances which led the Administration to change course. Just weeks ag… Continue Reading
September 8, 2008
DODD STATEMENT ON PLAN FOR GOVERNMENT-SPONSORED ENTERPRISES
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement: "I spoke with Secretary Paulson yesterday and was advised of the Administration's intent to use its new authority to act in connection with the GSEs. Any government action must help to strengthen our economy, which is suffering a crisis brought on by the Administration's failure to stop predatory lending and promote sound economic growth. Th… Continue Reading
September 8, 2008
DODD STATEMENT ON UNEMPLOYMENT RATE
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 increase in the unemployment rate to 6.1%, the highest it has been in five years: "Today's data is cause for renewed concern about the state of our economy. More and more Americans are losing their jobs while the costs of fuel, food, and other everyday necessities continue to rise. Congress put forth a significant effort to strengthen… Continue Reading
September 8, 2008
DODD ANNOUNCES HEARING ON HOW PUBLIC TRANSPORTATION MAY HELP ACHIEVE ENERGY INDEPENDENCE
WASHINGTON, DC - Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, announced that he will hold a hearing next Tuesday entitled "Strengthening the Ability of Public Transportation to Reduce Our Dependence on Foreign Oil." After months of high gas prices, a record number of Americans are using public transportation to travel to and from their jobs, school, and other responsibilities. The hearing will examine the effects of rising energy costs on pu… Continue Reading
August 26, 2008
STATEMENT FROM CHAIRMAN DODD ON MANAGED FUNDS ASSOCIATION'S HIRING OF ROGER HOLLINGSWORTH
"Roger has served me, the Committee, and our country exceptionally well during a period of unprecedented challenges to the financial markets and the economy. He has provided invaluable assistance as the Committee has successfully addressed those challenges, and his efforts help leave the Committee well-positioned to continue to address those challenges in the coming months and into next year. I have no doubt that he will bring to his new position the same judgment, intelligence, and dedication t… Continue Reading