Several members of the Connecticut Congressional Delegation condemned today’s announcement by the Office of the United States Trade Representative (USTR) of a new tariff that could force Connecticut-based Nestle Waters North America to lay off 100 workers.  Nestle Waters is the largest American importer of Italian mineral water, which would be affected by the new tariff.  Today’s announcement ignores President Obama’s directive that all pending regulations be halted until his Administration can conduct a full legal and policy review of each matter. 

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.

Remarks as Prepared: This morning, we meet to consider five distinguished individuals who President-elect Obama has designated for nomination to the Securities and Exchange Commission, to the Federal Reserve and to the President’s Council of Economic Advisers – positions critical to restoring confidence in our financial system and to stabilizing our underlying economy. I want to thank each nominee for appearing before this Committee today.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today released the following statement after the House of Representatives passed and the President signed the Emergency Economic Stabilization Act:

“I commend Chairman Frank, Speaker Pelosi, and Congressmen Emanuel, Boehner and Blunt for their contributions to this bipartisan, bicameral effort.   

Responding to an announcement by the government of the United Arab Emirates (UAE) that it had recently enacted export control laws to prohibit  unlicensed trafficking of “strategic goods” such as chemical and biological weaponry, military hardware, and dual-use items,  Senator Chris Dodd, D-Conn.,  Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today wrote to Commerce Secretary Carlos M. Gutierrez to request a report on the latest U.S. efforts to keep sensitive technology out of the hands of rogue and dangerous nations such as Iran.

A day after calling for a suspension of food, toy and pet food imports from China, Senator Chris Dodd sent a letter to President Bush urging him to protect the health and safety of American families by temporarily suspending these imports until the Chinese Government can ensure an adequate inspection procedure has been implemented.

Responding to inadequate action by the Treasury Department to identify and address currency manipulation by our nation’s largest trading partners, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today introduced the Currency Reform and Financial Markets Act of 2007 to level the playing field for American workers and businesses.  The Senators intend to work with their fellow Banking Committee colleagues to ensure that the legislation is passed through Committee in a timely manner.  

Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today expressed disappointment upon receiving the bi-annual International Economic and Exchange Rate Policy Report from the U.S. Treasury Department.  Specifically, the Senators were concerned that the report did not identify China as a currency manipulator, an oversight that has adverse effects on the American manufacturing industry, the U.S. trade deficit, and our overall competitiveness.  Yesterday, Senators Dodd and Shelby announced legislation which will, among other things, create tough, new authority for both the Treasury Department and the Congress to act to provide a level playing field for U.S. manufacturers and workers.  The legislation would also tighten the definition of currency manipulation to provide for greater clarity and to prevent ambiguity or delay in addressing the problem. 

...to Protect U.S. Jobs and Combat China Currency Manipulation

June 12, 2007

Washington, D.C. – Responding to years of inaction by the Treasury Department to identify and promptly adjust currency manipulation by our largest trading partners, Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Banking Committee, today announced that they will introduce legislation to level the playing field for American workers and businesses. 

"One of the very first actions that I undertook as Chairman-elect of the Banking Committee in December 2006 was to write a letter with then-Chairman Shelby to the Treasury Secretary on the occasion of the first Strategic Economic Dialogue (“SED”).  In January 2007, I chaired a hearing with Secretary Paulson on exchange rates and the SED.  At that hearing, Treasury Secretary Paulson testified that the SED is the “best chance to get some progress [on the currency issue].”  The second session of the SED concluded in Washington this morning and I am eager to learn more about any progress made on both the currency and market access issues that the hearing today will address.