A new $14 billion contract with General Dynamics Corp.'s Electric Boat unit and Northrop Grumman Corp. will double submarine production to two annually and save and create thousands of jobs amid the recession, officials said Tuesday.

Representatives of the U.S. Navy and the two companies, along with labor union leaders and members of Connecticut and Rhode Island's congressional delegations, hailed the contract at Electric Boat's shipyard in Groton. They called it critical to the region's economy and for national security as China and other countries build submarines..

“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.

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), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae’s decision to allow renters to remain in properties that have been foreclosed on by the mortgage company.  The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties.  Dodd sent a letter to Lockhart after Connecticut residents tried to fight eviction by using a provision that Dodd wrote into the recently-enacted financial rescue law.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, held a conference call today with local Connecticut auto dealers, union officials and representatives from the Connecticut Automotive Retailers Association to discuss the ongoing efforts to stabilize the U.S auto industry and save the thousands of jobs in Connecticut that depend on it.