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.