Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the increase in the unemployment rate to 6.1%, the highest it has been in five years:

“Today’s data is cause for renewed concern about the state of our economy.  More and more Americans are losing their jobs while the costs of fuel, food, and other everyday necessities continue to rise.  Congress put forth a significant effort to strengthen our economy with a stimulus package and comprehensive housing legislation passed earlier this year.  But more must be done to help Americans who are struggling to make ends meet.  Our nation needs a new, robust economic policy, including extending unemployment insurance benefits; increasing funding for worker training programs; providing tax relief for working families; and investing in our nation’s infrastructure, which will create thousands of new jobs and grow our economy.  In the coming months, the Banking Committee will remain focused on ways to provide long-term financial security and opportunity for all Americans.”

Senator Chris Dodd (D-CT), a senior member of the Senate Health, Education, Labor, and Pensions Committee and the Chairman of its Subcommittee on Children and Families, today hailed final Congressional approval of the Higher Education Opportunity Act.  The bill, which was passed by the House and Senate today, contains several initiatives championed by Dodd. 

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President Bush signed into law the Housing and Economic Recovery Act, which Dodd authored along with Senator Richard Shelby (R-AL):

“Today marks an important change in the federal government's response to the economic strain being felt by millions of Americans across the country and our financial markets.  This is the most sweeping housing legislation since the Great Depression, representing a turning point in our country's commitment to economic growth and affordable housing, and providing relief to homeowners and communities across the country.  I congratulate the President for signing it, and I am committed to ensuring that this law is implemented effectively and expeditiously, and that it fulfills its promise to prevent foreclosures, restore home values, stabilize our housing markets, and create economic growth.”

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Senate passed the Housing and Economic Recovery Act by a vote of 72-13.  This legislation is expected to help hundreds of thousands of Americans who are struggling to keep their homes, as well as countless homeowners and communities who are already experiencing the devastating effects of foreclosure.  The legislation also contains comprehensive reforms to our nation’s housing sector, including the creation of a strong, new regulator for the government-sponsored enterprises.  In response to recent turmoil in our financial markets, the bill also includes provisions requested by the Treasury Department to restore confidence in Fannie Mae and Freddie Mac.

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today formally announced an agreement with the House of Representatives and the Administration on comprehensive legislation to address the current housing crisis and strengthen our economy.  Dodd and Shelby also commended the House of Representatives for passing the legislation, which was sent to the House from the Senate last week and will now return to the Senate for consideration.

“We have been working diligently for months on legislation to address the housing crisis.  Last week we sent legislation to the House.  Since then, we have been engaged in extensive and largely fruitful discussions with our counterparts in the House of Representatives, as well as Administration officials. We remain optimistic about the prospects for this legislation.”

Senators Chris Dodd (D-CT) and Joe Lieberman (ID-CT) today praised Senate Appropriations Committee approval of $241.1 million in federal funding for a variety of Connecticut initiatives.  This funding will be used for, among other services, economic development initiatives, education, health care, and family and community support programs – efforts essential to the wellbeing and continued success of Connecticut.

This morning, Christopher Dodd (D-CT), Senators Russ Feingold (D-WI), and Robert Menendez (D-NJ) discussed their legislation that would push oil companies to use the 68 million acres of federal land already leased to them or otherwise relinquish it. Republicans are calling for coastline drilling that would not produce a drop of oil until 2017 and would not lower gas prices ever. On the other hand, Democrats are supporting proposals to help lower gas prices today by cracking down on speculation in the oil markets, proposals to increase domestic production by pushing the oil companies to use these 68 million acres and proposals to develop renewable energy and advanced alternative fuels for the long term.

Remarks as Prepared: We meet today in an unusual and extraordinary moment for our country and this Committee.  We are conducting two hearings consecutively.  The first hearing will be to receive the semi-annual monetary policy report from the Federal Reserve, as previously scheduled.  After the conclusion of that hearing, we will convene a second hearing on recent developments in the U.S. financial markets and regulatory responses to them.  This second hearing was noticed yesterday with the consent of Ranking Member Shelby due to the special and exigent circumstances in our nation’s financial markets.

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today announced that they have reached a bipartisan agreement on legislation that will expand U.S. sanctions on Iran with respect to weapons proliferation, support for terrorism, and the destabilization of its neighbors in the Middle East.  The Banking Committee will consider the legislation on Thursday.