September 19, 2008

Senate Banking Cmte. Chairman Sen. Chris Dodd (D-CT) convened a meeting of the Committee members and held a press conference to discuss the state of the economy and the Administration’s proposal as presented to Congressional leaders.

July 8, 2008

“I am pleased that the Federal Reserve is now taking steps to issue new rules for mortgage lending and to improve oversight of our financial system.  As documented by the Senate Banking Committee, it was the lack of regulatory will, not lack of regulatory authority, that contributed to the current credit crisis.  While the Fed and Treasury promote ideas to strengthen our markets in the long-run, it is my hope that they and my Senate colleagues will continue to support more immediate solutions for the economic problems facing Americans today.  In addition to helping hundreds of thousands of Americans keep their homes, the Senate housing bill will provide for the improved oversight of government-sponsored entities and help restore liquidity to the mortgage markets that Chairman Bernanke and Secretary Paulson called for today.  The financial markets cannot return to normal without strengthening the well-being of homeowners and consumers who participate in those markets every day.  Going forward, the Committee will examine regulatory proposals to ensure that regulators fulfill their mandate to ensure financial security for consumers and investors, as well as large financial institutions.”

July 7, 2008

Senator Chris Dodd, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs released the following statement today on the Memorandum of Understanding (MOU) that was entered into by the SEC and Fed.

 

"It is my hope that the MOU will result in improved supervision of investment banks and bank holding companies, and strengthen our financial markets for investors and our nation's economy.  It is important to note that the MOU does not grant any new authority to either agency, nor does it affect the ability of the Congress and the Senate Banking Committee to oversee regulated institutions and markets.  I am pleased that the MOU seeks to achieve its important objectives while leaving consideration of any broader reforms to our financial regulatory landscape to Congress-- issues that the Senate Banking Committee will begin to examine in greater detail over the coming weeks and months."

June 11, 2008

Senator Chris Dodd (D-CT) today delivered the following remarks at a Senate Foreign Relations Committee hearing entitled “Sovereign Wealth Funds: Foreign Policy Consequences in an Era of New Money.” Dodd is a senior member of the Foreign Relations Committee and the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, which has jurisdiction over foreign investment. The Banking Committee held the first Congressional hearing on sovereign wealth last year, and has undertaken several oversight initiatives, including convening another hearing in April to evaluate the regulation of these funds. In addition, last year Dodd passed bipartisan legislation to reform procedures for assessing the national security implications of foreign investments in the United States.

March 31, 2008

“The President and his advisors recently put up $30 billion of taxpayer funds to help one company on Wall Street.  That may or may not have been appropriate – I intend to investigate the deal at a Banking Committee hearing that I will chair on Thursday.  But this much is true: if the President and his advisors can find $30 billion to help one company on Wall Street, they can surely find a way to help millions of Americans facing higher mortgage payments and falling home prices. 

March 17, 2008

“The Federal Reserve Bank’s latest action underscores the magnitude of the crisis facing our mortgage and credit markets.  While the Federal Reserve has acted boldly, the agency is rapidly exhausting the weapons in its arsenal.  For its part, the Administration has offered only timid measures that have done little to help families keep their homes or restore confidence to financial markets.  It is time for the Administration to embrace a more comprehensive, bold, and effective approach that goes to the heart of the current financial crisis – the mortgage markets.  Last week, I announced legislation that will provide real assistance to distressed homeowners, help stabilize our markets, and be a source of much-needed liquidity.  The legislation would provide government insurance to refinance mortgage loans and restore the flow of credit in the markets.  Until we help the people on Main Street, the problem on Wall Street will not be resolved.  I intend to work in a bipartisan fashion, along with the Federal Reserve and the Administration, to move the legislation.”

January 22, 2008

“The economic downturn that we are facing, coupled with the sharp downturn in the global markets, is in large part due to the ongoing fallout from the problems in our housing market, specifically within the subprime market. While the Fed's inter-meeting rate cut, its first since right after the tragedy of September 11, is an immediate response, more action from policy makers is needed to help restore investor confidence and ease financial strains on homeowners.  The stimulus package that Congress will shortly consider needs to include a component that will address the problems in the housing and credit markets.  In addition, other steps are required to restore long-term growth and stability to the economy, including legislation to reform the FHA, end predatory lending, and strengthen the ability of the housing GSEs to safely and soundly promote affordable home ownership.  These changes will require bipartisan cooperation. I plan to do everything in my power as Chairman, including meeting with Secretary Paulson and Chairman Bernanke in the coming days, to see that through.”

January 15, 2008

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today responded to the Supreme Court’s 5-3 ruling that investors seeking monetary relief from third parties over corporate fraud can't bring private lawsuits unless the investors relied on actions by those parties when making investment decisions.

December 21, 2007

Nearing the end of his first year as Chairman of the Senate Banking, Housing and Urban Affairs Committee, Senator Chris Dodd, D-Conn., highlighted the bipartisan accomplishments of the Committee this year and commended Committee members for producing an extensive list of legislative achievements that strengthen security, expand opportunity, and increase prosperity for all Americans.  Highlights of the Senate Banking Committee’s legislative accomplishments during the 110th Congress include measures which:

December 19, 2007

Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Senator Richard Shelby, R-Ala.,  today made the following statements in reaction to the Treasury Department semi-annual currency report that is required by law to be delivered to the Banking Committee: