Senator Chris Dodd (D-CT) joined Senator Jack Reed (D-RI) and other Senate Democrats yesterday in their efforts to extend unemployment benefits to 46 weeks by co-sponsoring the Unemployment Compensation Extension Act of 2008. 

This legislation would provide an additional seven weeks of unemployment insurance for individuals who have exhausted their benefits.  The bill would also provide an additional 13 weeks of benefits to unemployed workers in states that have been hit particularly hard by the economic downturn and have unemployment rates above 6 percent. 

Senator Chris Dodd (D-CT) released the following statement today following the announcement that the Administration has agreed to release the remaining contingency funds available for the Low Income Home Energy Assistance Program (LIHEAP).

“I’m pleased that the President has finally heeded the request that my colleagues and I have been making for months and released all available LIHEAP funding. Low income families in Connecticut received little more than $500 last winter to help with heating bills that could be as high as four times that amount this year. This $7 million in additional heating assistance will go a long way toward helping Connecticut’s low income households heat their homes this coming winter,” said Dodd.

“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 order to do so, we must ask some crucial questions on behalf of the American people: how will this action affect taxpayers – who have already been asked to commit hundreds of billions of dollars to help stabilize large financial institutions?  To what extent will it calm the markets – or just add to the uncertainty?  And does this Administration have a coherent strategy to put our economy on stronger, steadier footing?  I look forward to hearing the Administration’s response to these questions at hearings I will hold in the coming days. 

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Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, held a press conference today to discuss the economic crisis and recent turmoil in the markets. Click the link to the right to hear a recording of his opening statement. A transcript is below.

“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 food and gas cost more than ever before.  The Banking Committee has played a vital role both in revealing the pattern of lax regulatory oversight that helped to create this financial crisis, and in addressing related economic problems by crafting comprehensive legislation passed earlier this year.  As Chairman, I will continue to work on solutions to help Americans weather this storm, including strengthening the housing sector, developing a second stimulus package, and restructuring the regulation of the financial sector.”

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 lending practices is making credit less available to all Americans, minority borrowers are confronted with significant racial and ethnic disparities when trying to purchase a home.  The Banking Committee will continue to focus on how to address discriminatory lending practices and end these disparities in order to ensure that homeownership is equally available to all Americans.”

Senator Chris Dodd (D-CT) recently sent a letter to National Aeronautics and Space Administration (NASA) Administrator Michael Griffin expressing concern about how the recent competition for the new Constellation Space Suit System was executed.  The competition resulted in NASA awarding the new contract to Oceaneering International, a firm that specializes in deep sea diving suits, instead of Connecticut-based Hamilton Sundstrand, the company that has manufactured America’s space suits for more than 40 years.  This decision has since been withdrawn by NASA due to concerns voiced by the NASA Inspector General and a protest filed by Hamilton Sundstrand with the Government Accountability Office (GAO).

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 ago, Secretary Paulson testified that he thought he would never use this authority – a message he reiterated until very recently.

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. The GSEs must remain active and aggressive in the mortgage markets, as these companies play a critical role in making affordable mortgages available to hard-working Americans.  Any intervention also must minimize the cost to American taxpayers, and should not put other financial institutions at risk.  As the final aspects of this plan take shape, I look forward to speaking with Secretary Paulson, Chairman Bernanke, and other officials to ensure that their actions further these important objectives.”

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 our economy with a stimulus package and comprehensive housing legislation passed earlier this year.  But more must be done to help Americans who are struggling to make ends meet.  Our nation needs a new, robust economic policy, including extending unemployment insurance benefits; increasing funding for worker training programs; providing tax relief for working families; and investing in our nation’s infrastructure, which will create thousands of new jobs and grow our economy.  In the coming months, the Banking Committee will remain focused on ways to provide long-term financial security and opportunity for all Americans.”