Remarks as Prepared: I want to welcome everyone to this important hearing to conduct oversight of the U.S. Department of Housing and Urban Development and examine the Administration’s proposed budget for Fiscal Year 2009.  The Department of Housing and Urban Development, or HUD, plays a vital role in the lives of millions of Americans around the country, both through direct housing assistance and initiatives which strengthen entire communities. 

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Remarks as Prepared: The Committee will please come to order. We gather here this morning to examine an issue of paramount importance: the condition of our nation’s infrastructure, and proposals for needed improvements to it.

Senator Chris Dodd (D-CT), Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Subcommittee on Children and Families, today held a hearing to examine how the rising cost of home heating is impacting the health and welfare of American families.  Dodd also discussed how the critically important Low-Income Home Energy Assistance Program (LIHEAP) could be expanded to provide help to more families.   

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today held a hearing with federal bank regulators on “The State of the Banking Industry.”  Dodd emphasized the important role that regulators play in securing credit in our economy, and in protecting American taxpayers who trust their deposits to be safe.  In outlining the current financial strain on American consumers, entrepreneurs, and lenders, Dodd pointed to the failure of the Federal Reserve earlier this decade for not playing a more active role in preventing the predatory lending practices which were largely responsible for the meltdown in the mortgage market and, in turn, the economic downturn we face now.  

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today heard from Federal Reserve Board Chairman Ben Bernanke, who delivered the Semiannual Monetary Report to Congress.  Repeating his claim that the catalyst of the economic crisis is the housing crisis, and that the epicenter of the housing crisis is the foreclosure crisis, Dodd commended Fed actions to date, but urged the Bush Administration to take more forceful action to promote home ownership and economic growth.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held a hearing today entitled “The State of the United States Economy and Financial Markets.”  Dodd and Committee Members heard from one panel of witnesses including:  the Honorable Henry M. Paulson, Jr., Secretary of the Treasury; the Honorable Christopher Cox, Chairman, U.S. Securities and Exchange Commission; and the Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System.  In the past two weeks, Dodd has met privately with both Chairman Bernanke and Secretary Paulson to discuss the economic downturn and the mortgage market crisis. Senator Dodd's prepared Opening Statement is below.

After marking the 15^th anniversary of the enactment of the Family and Medical Leave Act (FMLA) on February 5^th, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) Subcommittee on Children and Families, today convened a subcommittee hearing to examine how to build upon the success of the FMLA in the coming years.  Senator Dodd is the author of the FMLA, which has allowed more than 60 million workers to take up to 12 weeks of unpaid leave if they are ill or if they need to care for a sick family member or new child.  Among the topics discussed at the hearing were “The Family Leave Insurance Act,” a bill to provide up to 8 weeks of paid leave under the FMLA that was introduced by Senator Dodd and Senator Stevens (R-AK) last year, and the FMLA regulations recently proposed by the Department of Labor.        

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After speaking at length on the Senate floor and keeping the Senate in session late into the evening last night, Senator Chris Dodd (D-CT) took to the Senate floor one last time before the Foreign Intelligence Surveillance Act (FISA) Amendments Act was passed by the Senate.  Calling today a “dark” day in the Senate chamber, Dodd expressed his profound opposition to the provisions in the legislation that grant retroactive immunity to telecommunications companies that may have participated in the Administration's warrantless wiretapping of American citizens.  Along with Senator Russ Feingold (D-WI), Dodd offered an amendment to strip the egregious retroactive immunity provisions from FISA.  Unfortunately, the amendment failed by a vote of 31 to 67 and the Senate voted 68 – 29 to pass the legislation.