“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. 

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.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program.  The confirmation passed by unanimous consent last night.  Under Chairman Dodd’s leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated frequent briefings since the passage of the law.

On Monday, Roll Call published the following op-ed by Senator Chris Dodd (D-CT). Senator Dodd is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee.

On election night, President-elect Barack Obama said, “This is a defining moment in our history.” If that is so — and I believe it is — then putting our country back on a sound economic footing is our defining challenge. Our economic crisis is the center of gravity to which all our other problems are being pulled.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after receiving a report from the Government Accountability Office (GAO) on the Treasury Department’s implementation of the Troubled Asset Relief Program.  Dodd incorporated the GAO reporting requirement in the financial rescue package in order to ensure adequate oversight of the law.

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 Committee on Banking, Housing and Urban Affairs, today issued the following statement on the nomination of Neil Barofsky to be Special Inspector General Committee for the Troubled Asset Relief Program.  Having officially received the nomination on Monday, Dodd convened the Committee for a hearing just two days later.  The nomination was cleared by members of the Senate Banking Committee, the leadership of the Senate Committee on Homeland Security and Governmental Affairs, and all Democratic Senators.  However, the nomination was blocked on the floor by at least one Republican member.

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.