December 6, 2007

Recognizing the need for American businesses to more fully disclose how they report business activities related to climate risk, and for investors to have access to better information regarding climate risks, Senator Chris Dodd, D-Conn., Chairman of the Senate Banking, Housing and Urban Affairs, and Senator Jack Reed, D-R.I., Chairman of the Subcommittee on Securities, Insurance and Investment, today wrote to Securities and Exchange Commission Chairman Chris Cox to urge the SEC to issue guidance on climate disclosure requirements.

November 28, 2007

“Proxy access is an extremely important issue.  These proposals have generated an unprecedented response and concerns, as evidenced by a record 34,000-plus public comments, the overwhelming majority of which were in opposition to the proposals.  I would have hoped that the Commission would not have moved forward until current vacancies at the Commission had been filled.  A core mission of the SEC is to strengthen rather than diminish shareholder rights and I have concerns about the impact of the rule adopted today on those rights.  The Chairman has said that he intends to revisit this issue in the New Year and I will hold him to his word.  I believe that shareholder proxy access needs to be thoroughly reviewed and other options explored to ensure that the Commission is not undermining investors’ rights and to promote the stability, competitiveness and growth of our financial markets.”

November 01, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox urging him not to adopt either of two proposals limiting the ability of shareholders to participate in electing members of corporate boards.  Instead, Dodd recommended that the SEC maintain current rules, which allow shareholders to propose procedures to elect directors.  Senator Dodd was joined by Senators Johnson (D-SD), Reed (D-RI), Schumer (D-NY), Menendez (D-NJ), Akaka (D-HI), Brown (D-OH), Casey (D-PA) and Tester (D-MT) in sending the letter. 

October 2, 2007

Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement in reaction to the announcement today that Securities and Exchange Commissioner Annette L. Nazareth intends to leave the SEC:

 

“I commend Annette Nazareth for her years of dedicated public service. Commissioner Nazareth has been a leader at the SEC in working to better protect investors and improve and strengthen our capital markets, including the national market system.  I am appreciative of her service to our nation and wish her well in her future endeavors.

September 20, 2007

"I believe that a careful review of the Dubai - Nasdaq transaction is required to ensure that there are no negative national security implications associated with moving forward with this deal. That is why I placed a high priority on enacting the Foreign Investment and National Security Act of 2007 earlier this year to establish in law an elaborate and rigorous interagency review process to vet these kinds of deals.  It is my understanding that the Dubai-Nasdaq deal will be voluntarily submitted to the CFIUS review process to ensure that all potential national security implications are considered before final approval.  As a general matter I support foreign direct investment in our economy that promotes growth and creates good jobs for our citizens but always in the context of ensuring that our nation's security is protected.  I will await the outcome of the CFIUS review before making a final judgment on the proposed deal."

September 10, 2007

“I am alarmed by the unscrupulous, fraudulent and abusive practices highlighted by the SEC at today’s Senior Summit.  Our older citizens deserve the peace of mind of a safe and secure financial future, not the worry of being robbed blind of their hard-earned savings by a crooked salesman with a flashy, deceptive title.   But regrettably, these practices appear to be part of a growing trend of predatory behavior targeted towards America’s seniors in the sale of securities, annuities and other financial products, and in other areas, including mortgage loan and refinance scams, bank account fraud, and financial identity theft.  Chairman Cox, the SEC and the other regulators involved in today’s Summit have raised a number of important issues that we must address.  As Chairman of the Senate Banking Committee, I am carefully examining these matters and intend to announce a comprehensive initiative aimed at addressing the financial exploitation of America’s seniors.”

August 16, 2007

Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today reacted to the Administration’s decision to reject the recommendations of the Securities and Exchange Commission (SEC) and instead file an amicus brief with the Supreme Court on behalf of companies involved in the case of Stoneridge Investment Partners LLC v. Scientific-Atlanta, Inc., et al. 

August 14, 2007

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today sent letters to President Bush and Solicitor General Paul Clement to convey his disappointment that the Solicitor General chose not to file a brief with the Supreme Court expressing the views recommended by the U.S. Securities and Exchange Commission (SEC) in the case of Stoneridge Investment Partners LLC v. Scientific-Atlanta, Inc., et al, which is scheduled to come before the Court this fall.  Dodd also urged the President and Solicitor General Clement not to file a brief in opposition to the views of the SEC.

July 30, 2007

“Five years ago, confidence in American business and the stock market had taken a severe blow. But in July of 2002, the enactment of Sarbanes-Oxley took a major step towards restoring that confidence. It was the most significant reform of American business law in recent history, and in the five years since its passage, I believe that Sarbanes-Oxley Act has worked in achieving its over-arching goals of improving financial reporting, strengthening corporate governance and enhancing the integrity of analysts’ recommendations.  I’m proud to have helped author this vital legislation and want to continue to see that the statute is implemented effectively and efficiently, including for smaller businesses.”

July 20, 2007

“We are pleased that federal banking regulators have reached a consensus on implementing the Basel II Capital Accords.  The successful implementation of Basel II is vital to ensuring that the U.S. banking system is adequately capitalized and that U.S. financial services firms remain competitive in the global economy.  As we stated in our letter to banking regulators on Tuesday, we believed that it was imperative that all four federal banking regulators support the final Basel II regulations.  We commend banking regulators for reaching a unanimous agreement and appreciate their stated commitment to achieve consensus throughout implementation.  We remain committed to continuing our oversight of Basel II during the implementation period to ensure the safety and soundness of the U.S. banking system.”