Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after the Bush Administration announced a plan to provide assistance to Citigroup:

“Our financial system is facing unprecedented challenges.  More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated.  Significant steps must be taken to stabilize our markets and get credit flowing again.  In that context, I understand the actions taken by the Administration with regard to Citigroup.  I look forward to reviewing the details of the plan.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan:

“I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery.  These actions demonstrate that he is moving quickly and responsibly to address our nation’s economic crisis.  I look forward to considering these nominations swiftly and deliberately in the Banking Committee, and will work with my colleagues to ensure that these and other nominees are reviewed without delay.”

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that the Committee will hold a hearing next week on Neil M. Barofsky, President Bush’s intended nominee to be the Special Inspector General for the Troubled Asset Relief Program. This position was designed to conduct, supervise, and coordinate audits and investigations of the purchase, management and sale of assets under the Troubled Asset Relief Program.

Remarks as Prepared: Today, the Committee continues its oversight of the implementation of the Emergency Economic Stabilization Act of 2008, known as “EESA.”

As recent news reports show that foreclosures in Connecticut have risen 134% in the month of October, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held an oversight hearing today on the implementation of the Emergency Economic Stabilization Act, focusing on foreclosure prevention efforts, ensuring that lenders are using the federal funds for lending, and executive compensation policies.

"I appreciate the Treasury Department’s willingness to adjust to the current situation in our financial markets.  I am also gratified that they listened to Congress when we insisted on including alternative strategies, such as liquidity injections, in the financial rescue legislation.  It is alarming to imagine how limited the Treasury’s options would be if Congress had not made substantial changes to their three page proposal." 

“This is a constructive step forward.   However, I regret that the industry did not take it much, much earlier when it might have done more to stem the overwhelming tide of foreclosures ravaging our neighborhoods and forcing thousands of American families from their homes.  Moreover, this should not be considered a replacement for the guarantee program authorized by the recently-enacted financial rescue law which the FDIC has agreed to operate.  We are still awaiting agreement from the Treasury Department to move this program forward, despite indications given to me weeks ago that an agreement was imminent.  I have been in contact with both Secretary Paulson and Chairman Bair on this issue, and I intend to keep pushing for more aggressive and effective action.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs and a senior member of both the Committees on Foreign Relations and Health, Education, Labor and Pensions, held a press conference today where he announced that he will continue to serve as the Chairman of the Banking Committee and laid out what his priorities will be for Connecticut and the Committee.

On Thursday, The Hill published the following op-ed by Senator Chris Dodd (D-CT) and Senator Judd Gregg (R-NH). Senator Dodd is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee and Senator Greg is ranking member of the Senate Budget Committee.

The United States is facing the greatest economic crisis since the Great Depression.

Long before the spectacular fall of entities such as Fannie Mae, Freddie Mac, Bear Stearns and AIG, millions of American families had been suffering their own financial collapses.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with several other members of the Committee, today sent a letter to President Bush urging the Administration to address the root cause of our nation’s economic problems – the foreclosure crisis.  The Emergency Economic Stabilization Act gives the Administration considerable new authority to prevent foreclosures.  While recent news reports have indicated that the Administration plans to use this authority – which was granted nearly four weeks ago – the Treasury Department has yet to announce any efforts dedicated to helping people keep their homes.