“The Treasury plan unveiled by President Bush takes many of the appropriate steps toward stabilizing the domestic automobile industry.  I am pleased that the Administration incorporated many of the ideas that were negotiated with Democrats in Congress, including short-term bridge loans and tough measures to hold the industry’s feet to the fire.  This plan will help save hundreds of thousands of jobs in Connecticut and across the country.  However, the Administration’s plan deviates from the legislation we agreed to in several important ways.  For example, the plan does not require Cerberus – the wealthy private equity company with 80% ownership of Chrysler – to provide any guarantee for Chrysler’s loan.  That means if Chrysler goes bankrupt, American taxpayers will take the loss instead of Cerberus.  Also, workers are singled out to make concessions while management and other stakeholders are held to far lower standards.  I have conveyed these concerns to the Administration in order to ensure that taxpayers and workers are adequately protected.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, released the following statement today on the Administration’s plan to provide assistance to the U.S. auto industry:

“This is not a Detroit issue or a Washington issue; it is an American issue that is being felt by people in Connecticut and across the country. Yesterday we learned that a Connecticut auto supplier was being forced to close, putting over 200 people out of work. I have met and talked with local auto dealers and suppliers from our state, union officials and others, and we all share the same concern.  With unemployment in our state at a 15-year high, we cannot risk letting the auto industry fail.

Senator Chris Dodd (D-CT) released the following statement today on reports that DriveSol of Watertown, an auto industry supplier that manufactures steering column shafts and employees over 200 people, will be forced to close due to the struggles of the American auto-industry.
 
Last week, Senator Dodd spent weeks negotiating bipartisan legislation with the White House to help stabilize our domestic automobile industry, only to have the legislation blocked by a handful of Republican Senators.
 
“This is sad news for these workers and for Connecticut, but unfortunately it is not surprising. The news of DriveSol’s closing is proof that this is not a Detroit issue or a Washington issue; it is an American issue that will have an impact in Connecticut and across the country.

“In recent weeks, I have talked with local auto dealers and suppliers from our state, union officials and others, and I share their concern that doing nothing will only result in more bad news similar to what we learned today about DriveSol. It’s disappointing that our bipartisan legislation was blocked by a handful of Senators. If that had not occurred these jobs may have been spared. The White House must take action now and use their authority to stabilize the industry and therefore our economy.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, held a conference call today with local Connecticut auto dealers, union officials and representatives from the Connecticut Automotive Retailers Association to discuss the ongoing efforts to stabilize the U.S auto industry and save the thousands of jobs in Connecticut that depend on it.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry:

“This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job.  It also takes tough measures to restructure and reform this industry.  This bill is a far cry from a blank check to the industry.  Rather, these companies will be required to pay back every dollar they borrow from hard-working American taxpayers.  Furthermore, the legislation requires these companies to make painful, fundamental changes if they are going to be competitive internationally and viable in the long-term.  And if they fail to make tough choices and reforms, they immediately have to repay their loan or line of credit, and face the full consequences of their failures.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement on data from the Bureau of Labor Statistics indicating that more than 500,000 American jobs disappeared last month, pushing the unemployment rate to its highest level in 15 years:

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan:

“I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery.  These actions demonstrate that he is moving quickly and responsibly to address our nation’s economic crisis.  I look forward to considering these nominations swiftly and deliberately in the Banking Committee, and will work with my colleagues to ensure that these and other nominees are reviewed without delay.”

Senator Chris Dodd (D-CT) released the following statement in response to news reports that Connecticut exports have grown over the last year:

“This is welcome news during these tough economic times. Connecticut’s workers are among the best in the country and the products and services they produce continue to be in high demand around the world.  I will continue to fight to ensure that our business community has the resources and tools it needs to continue to grow and prosper in this difficult economy.”

As recent news reports show that foreclosures in Connecticut have risen 134% in the month of October, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held an oversight hearing today on the implementation of the Emergency Economic Stabilization Act, focusing on foreclosure prevention efforts, ensuring that lenders are using the federal funds for lending, and executive compensation policies.