Senator Chris Dodd (D-CT) today congratulated Wallingford resident and Choate Rosemary Hall senior Aditya Rajogopalan for being named one of 40 finalists in the Intel Science Talent Search 2009 competition, a program of the Society for the Science and the Public.  Aditya’s research project focused on Modeling Synergistic Cellulolytic-Hemicellulolytic Enzyme Complexes for Lignocellulosic Hydrolysis.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement this evening after the Senate confirmation of two key members of President Obama’s economic team who were recently vetted by the Committee.  The Senate confirmed by unanimous consent Mr. Shaun Donovan to be Secretary of the U.S. Department of Housing and Urban Development and the Honorable Mary Schapiro to be Chairman of the Securities and Exchange Commission.

"As Friday’s dismal job numbers show, the economic crisis continues to cripple millions of American families and businesses. We need to strengthen our fragile financial system so that families can access the credit they need to pay for a home, a car and college tuition for their children, and businesses can stock inventory and meet payroll. Regrettably, the program intended to meet these objectives has been grossly mismanaged by the current Administration and has not achieved these goals. President Bush failed to impose key conditions intended by Congress on the program, to explain to the public why the program was needed, or to be transparent with Americans about how their hard-earned dollars were being spent. As a result, many people are confused, angry, and feel like the wool’s been pulled over their eyes.

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 524,000 American jobs were lost last month, the 12th straight month of decline:

"These latest employment numbers confirm the struggle that many families across this country and in my home state of Connecticut are already experiencing. Unfortunately, the prospect of job loss will continue to loom large for families trying to make ends meet, with the jobless rate predicted to continue to rise in coming months.

“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.