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.   

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.

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Remarks as Prepared: The Committee will please come to order.  We gather this morning at an extraordinary and perilous moment in our nation’s history. The landscape of our nation’s economy has been radically re-shaped by the United States government over the course of just a few days and in a totally ad hoc manner.  Companies that form the foundation of our financial markets are shrinking and disappearing practically overnight.  Their insatiable appetite for risk has permeated all sectors of the financial services industry, and has spread beyond our shores.  It has felled giants like Bear Stearns and Lehman Brothers; brought others to their knees like Merrill Lynch, A.I.G., Fannie Mae, and Freddie Mac; prompted the largest thrift failure in our history – IndyMac Bank; and eliminated the final two independent investment banks – Morgan Stanley and Goldman Sachs.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, will tomorrow convene a hearing entitled “Turmoil in U.S. Credit Markets:  Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions.”  Secretary of Treasury, Henry Paulson, Chairman of the Federal Reserve, Ben Bernanke, and Chairman of the Securities and Exchange Commission, Christopher Cox, will testify before the full Committee. Video coverage courtesy of C-SPAN

Senator Chris Dodd held a meeting with some of his Democratic and Republican Banking Committee colleagues to discuss the legislation that he has drafted based on the Treasury Department's proposal as received by Congress over the weekend. For a summary of the legislation, click here.