TOMORROW: DODD CONVENES BANKING COMMITTEE FOR TWO HEARINGS

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced that tomorrow the Committee will hold a second hearing in addition to a previously planned hearing where Federal Reserve Board Chairman Ben Bernanke will deliver the Semiannual Monetary Policy Report to the Congress.  At the second hearing, Chairman Bernanke, SEC Chairman Christopher Cox, and Treasury Secretary Henry Paulson will testify on recent market developments and regulatory responses, including the Administration’s proposals to Congress to help increase confidence in Fannie Mae and Freddie Mac.  The Committee’s procedures for media review of the monetary policy report and testimony, which have not changed, are detailed below.

“Tomorrow’s hearings will be another important step forward in developing solutions that will help Americans who are struggling to make ends meet and put our economy back on track,” said Dodd.  “I am eager for the heads of these agencies to testify before the Banking Committee, and for the opportunity to learn more about their efforts to stabilize our markets and strengthen the American economy.”

1^ST HEARING: The Semiannual Monetary Policy Report to the Congress

WHO: Chairman Chris Dodd

Members of the Senate Banking Committee

Chairman Ben Bernanke

WHAT: “Semiannual Monetary Policy Report to the Congress”

WHEN: Tuesday, July 15^th 

               10 a.m.

WHERE: Russell Senate Office Building, Room 325

WHO: Chairman Chris Dodd

Members of the Senate Banking Committee

Chairman Ben Bernanke

Secretary Henry Paulson

Chairman Christopher Cox

WHAT: “Recent Market Developments and Regulatory Responses to Them”

WHEN: Tuesday, July 15^th 

               11:30 a.m.

WHERE: Russell Senate Office Building, Room 325

Prior to the hearing, members of the media with Congressional credentials will be permitted to review the monetary policy report and Chairman Bernanke’s testimony.  Members of the media planning to attend the lock-up and/or hearing must register with the Senate press galleries. 

Lock-up Location: Senate Banking Committee Hearing Room

         538 Dirksen Senate Office Building

Set Up: Computers may be placed in the room between 7:30 a.m. and 8:15 a.m. on July 15^th.  The room will be cleared at 8:15 a.m.  The report and testimony will be distributed in the room at that time.  At 8:30 a.m., members of the media will be readmitted.  No one leaves the room until 9:45 a.m.

Filing: Telephone lines may be installed in the committee room to facilitate filing after the embargo ends.  Members of the media should contact Verizon (1-800-826-2355) directly for phone-line installation.  All phone installation must be completed by 6:00 p.m. on July 14^th.  When placing the installation order, the following address should be used:

538 Dirksen Senate Office Building

100 Constitution Avenue, N.E.

Washington, D. C.  20510

The Banking Committee and the Senate bear no responsibility for the installation of phone lines or the provision of phone-line extension cords.                           

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