Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that he is supportive of the Administration’s plan to use the authority granted by the Emergency Economic Stabilization Act passed by Congress last month.  This legislation expanded the range of options that federal agencies can use to intervene in the economy, including direct liquidity injections into our nation’s banks.  This assistance will be subject to the protections Congress put into the law, including warrants, limits on executive compensation, and a prohibition on golden parachutes for companies receiving government assistance.  Dodd met with Treasury Secretary Henry Paulson earlier today to discuss the details of the plan.

On Thursday, the Connecticut Post published the following op-ed by Senator Chris Dodd on the Hope for Homeowners program. Senator Dodd is Chairman of the Senate Banking, Housing, and Urban Affairs Committee.

While Congress and the Bush administration work to get our markets moving again so that small businesses can make payroll and families living paycheck to paycheck can put food on the table, the foreclosure crisis at the heart of this economic crisis continues to unfold. Before the spectacular fall of Wall Street giants such as Bear Stearns and Lehman Brothers, millions of Americans were suffering through a financial catastrophe of their own. Today, nearly 10,000 families go into foreclosure on a daily basis, while millions more suffer from plummeting home values, taking a terrible toll not only on their cumulative wealth but their sense of confidence in what the future holds for their children.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced the enactment of the HOPE for Homeowners program, a voluntary initiative to help distressed borrowers refinance their mortgages.  HOPE for Homeowners was established as part of the Housing and Economic Recovery Act (HERA), comprehensive housing legislation that Senator Dodd authored along with Senator Richard Shelby (R-AL) and Congressman Barney Frank (D-MA).  HERA was passed by Congress and signed into law by President Bush in July.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the House of Representatives passed and the President signed the Emergency Economic Stabilization Act:

“I commend Chairman Frank, Speaker Pelosi, and Congressmen Emanuel, Boehner and Blunt for their contributions to this bipartisan, bicameral effort.   

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Senator Chris Dodd (D-CT) released the following statement on NASA’s decision to re-open the competition for the new Constellation Space Suit System:

“This is great news for Connecticut and its workers, but more importantly, this is the right decision by NASA,” said Dodd.  “The workers of Hamilton Sundstrand know space-suits better than anyone else and they deserve a fair shot at this contract.  I’m confident that Hamilton Sundstrand can win this competition and will continue to build the suits worn by our country’s astronauts, just as they have for the last 40 years.”

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the Senate passed the Emergency Economic Stabilization Act:

“The legislation that the Senate passed tonight is the product of thoughtful and deliberate bipartisan cooperation, and is a vast improvement over the blank check that the Administration sought just days ago.  The Emergency Economic Stabilization Act will not only provide stability and confidence to our financial markets, but also will help American families who are struggling to make ends meet.  The legislation gives the Treasury Secretary the authority to respond quickly and forcibly to the current crisis, while creating strong protections for American taxpayers, helping to preserve the American dream of homeownership, and cracking down on excessive compensation for corporate executives who made bad decisions.

For the latest version of the package legislation which includes the Emergency Economic Stabilization Act, click here.

For a one page summary of the Emergency Economic Stabilization Act of 2008 click here.

For legislative text of Emergency Economic Stabilization Act of 2008 section by section click here.

For legislative text of Emergency Economic Stabilization Act of 2008 bill language click here.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement after the President’s address tonight:

“It is regrettable that 40 days before an election, it has taken the worst economic crisis in our nation since the Great Depression to finally get the attention of the President.  Until this point, the cries for help from millions of Americans being forced from their homes and struggling to make ends meet fell on the President’s deaf ears.  Now, we face challenges that were entirely preventable and avoidable.