Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, spoke to the Chamber of Commerce of Eastern Connecticut this morning about the current state of the economy, the Hope for Homeowners program and his efforts to address the financial crisis in Washington, D.C.

Senator Chris Dodd (D-CT), a senior member of the Senate Committee on Health, Education, Labor, and Pensions and the Chairman of its Subcommittee on Children and Families, today performed the swearing-in of members to the National Commission on Children and Disasters.  Dodd was the Senate sponsor of the legislation approved by Congress last year that created the Commission, which is charged with analyzing how the Federal government can better meet the specific needs of children before, during and after disasters.  The bill was endorsed by Save the Children, based in Westport, Connecticut.  Save the Children’s Vice President and Managing Director Mark Shriver is the elected Chairman of the Commission.   

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Remarks as Prepared: The Committee will please come to order.  We gather this morning at an extraordinary and perilous moment in our nation’s history. The landscape of our nation’s economy has been radically re-shaped by the United States government over the course of just a few days and in a totally ad hoc manner.  Companies that form the foundation of our financial markets are shrinking and disappearing practically overnight.  Their insatiable appetite for risk has permeated all sectors of the financial services industry, and has spread beyond our shores.  It has felled giants like Bear Stearns and Lehman Brothers; brought others to their knees like Merrill Lynch, A.I.G., Fannie Mae, and Freddie Mac; prompted the largest thrift failure in our history – IndyMac Bank; and eliminated the final two independent investment banks – Morgan Stanley and Goldman Sachs.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, will tomorrow convene a hearing entitled “Turmoil in U.S. Credit Markets:  Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions.”  Secretary of Treasury, Henry Paulson, Chairman of the Federal Reserve, Ben Bernanke, and Chairman of the Securities and Exchange Commission, Christopher Cox, will testify before the full Committee. Video coverage courtesy of C-SPAN

“This evening's meeting is a testament to the extremely serious challenges facing our economy. Tonight, the Administration put forward some constructive ideas, and I look forward to receiving more details. Bad lending practices and lax oversight are the root cause of this crisis. As such, a comprehensive and constructive proposal must include relief for millions of American homeowners facing foreclosure. I am committed to working with the Administration and my Democratic and Republican colleagues in Congress to develop robust solutions to these serious problems.”