Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today made the following statement on Shawn Maher, the Committee’s Staff Director and General Counsel who will be the Obama Administration’s Deputy Director of Legislative Affairs for the United States Senate. Maher has served as Staff Director and General Counsel since Dodd became Chairman in January 2007; prior to that, he was Dodd’s Legislative Director.

“The Treasury plan unveiled by President Bush takes many of the appropriate steps toward stabilizing the domestic automobile industry.  I am pleased that the Administration incorporated many of the ideas that were negotiated with Democrats in Congress, including short-term bridge loans and tough measures to hold the industry’s feet to the fire.  This plan will help save hundreds of thousands of jobs in Connecticut and across the country.  However, the Administration’s plan deviates from the legislation we agreed to in several important ways.  For example, the plan does not require Cerberus – the wealthy private equity company with 80% ownership of Chrysler – to provide any guarantee for Chrysler’s loan.  That means if Chrysler goes bankrupt, American taxpayers will take the loss instead of Cerberus.  Also, workers are singled out to make concessions while management and other stakeholders are held to far lower standards.  I have conveyed these concerns to the Administration in order to ensure that taxpayers and workers are adequately protected.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, released the following statement today on the Administration’s plan to provide assistance to the U.S. auto industry:

“This is not a Detroit issue or a Washington issue; it is an American issue that is being felt by people in Connecticut and across the country. Yesterday we learned that a Connecticut auto supplier was being forced to close, putting over 200 people out of work. I have met and talked with local auto dealers and suppliers from our state, union officials and others, and we all share the same concern.  With unemployment in our state at a 15-year high, we cannot risk letting the auto industry fail.

Senators Chris Dodd (D-CT) and Joe Lieberman (ID-CT) announced today that fire departments in Farmington, Wallingford, Union, Meriden, Westport, and Woodstock have been awarded federal grants totaling more than $400,000. The funds will go to improving operations and safety at their facilities. The grants were made possible by the U.S. Department of Homeland Security’s Assistance to Firefighters Grants (AFG) program, which provides aid to first-responder programs nationwide with the aim of providing better equipment to protect the health and safety of the public, as well as that of the first-responders themselves. In fiscal year 2008, the AFG program has provided approximately $500 million in nationwide grants.

Senator Chris Dodd (D-CT) released the following statement today on reports that DriveSol of Watertown, an auto industry supplier that manufactures steering column shafts and employees over 200 people, will be forced to close due to the struggles of the American auto-industry.
 
Last week, Senator Dodd spent weeks negotiating bipartisan legislation with the White House to help stabilize our domestic automobile industry, only to have the legislation blocked by a handful of Republican Senators.
 
“This is sad news for these workers and for Connecticut, but unfortunately it is not surprising. The news of DriveSol’s closing is proof that this is not a Detroit issue or a Washington issue; it is an American issue that will have an impact in Connecticut and across the country.

“In recent weeks, I have talked with local auto dealers and suppliers from our state, union officials and others, and I share their concern that doing nothing will only result in more bad news similar to what we learned today about DriveSol. It’s disappointing that our bipartisan legislation was blocked by a handful of Senators. If that had not occurred these jobs may have been spared. The White House must take action now and use their authority to stabilize the industry and therefore our economy.”

“Confusing, misleading and in some cases predatory practices have become the standard operating procedure for many in the credit card industry.  As a result, American consumers – the bread and butter of our economy – are increasingly finding themselves buried under an avalanche of debt.  These rules will crack down on some of these practices, and I applaud the Fed for taking action.  But more must be done to protect consumers, which is why I plan to re-introduce the Credit Card Accountability, Responsibility and Disclosure Act when the Congress reconvenes.  This comprehensive legislation bans a number of practices that the Fed rules do not, including ‘any time any reason’ rate increases, universal default, excessive and unreasonable fees, and marketing targeted to young consumers.  I hope my colleagues will support this legislation so that we can put an end to these unacceptable practices once and for all.”

“As our country struggles through this severe recession, we need regulators who will be strong cops on the beat, rather than turn a blind eye to the reckless practices that have caused this crisis. The reported fraud by Bernard Madoff is a stark reminder of the need for regulators that are committed to supervision, oversight, and protecting American investors and consumers. 

Agreement Will Keep Jobs in Connecticut

Senator Chris Dodd (D-CT), along with Senator Joe Lieberman (ID-CT) and Representative John Larson (CT-1), today praised an agreement between Connecticut-based Hamilton Sundstrand and Oceaneering International that will allow workers in Connecticut to continue producing components for NASA’s space suits.  Hamilton Sundstrand and Oceaneering International have agreed to submit a single bid to NASA for the new Constellation Space Suit System contract.

Senator Chris Dodd (D-CT), a senior member of the Senate Committee on Health, Education, Labor and Pensions, and Chairman of its Subcommittee on Children and Families, today issued the following statement on President-Elect Obama’s selection of Arne Duncan to be Secretary of Education.

“With the nomination of Arne Duncan to be Secretary of Education, President-Elect Obama has reaffirmed his commitment to strengthening America’s education system.  Reforming the inflexible No Child Left Behind Act will be one of our most urgent priorities in the coming months.  Arne Duncan understands the scope of the challenges we are facing, and I am confident that he will be an outstanding advocate for the education and enrichment of our nation’s children.”

Sen. Dodd’s office has received requests for over 10,000 tickets from Connecticut constituents.  The Joint Congressional Committee on Inaugural Ceremonies has allocated 393 tickets to each Senate office.

Later this week, a random drawing will be held to distribute 200 tickets to Connecticut constituents for the swearing-in ceremony.  The remaining tickets will be distributed to Connecticut elected officials, community leaders, family and key supporters of President-elect Obama.

• Individuals can still request tickets before the lottery is held by faxing their request to 202-224-1083 or emailing the Senator’s office at inauguration@dodd.senate.gov.