Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement on the Federal Reserve Board’s establishment of a foreclosure prevention program.  Chairman Dodd wrote a provision into the financial rescue law that directs agencies such as the Fed and the Federal Deposit Insurance Corporation (FDIC) to establish such programs:

Remarks as Prepared: A year ago, the CEO of a trusted, respected securities firm and a former Chairman of Nasdaq said the following:

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.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Senate voted against a resolution to block the release of funds authorized by the Emergency Economic Stabilization Act:

“The Senate sent an important message today.  The incoming Administration will face many challenges in the days and weeks ahead, and none will be more important than addressing our economic crisis swiftly and strategically.  With this vote, the Senate is providing the Obama Administration with an important tool to stabilize our economy, to help homeowners keep their homes, and to protect the savings of millions of American families.  I am committed to continuing the Committee’s aggressive oversight of this program and to working with the Obama Administration to provide any additional tools it may need to create jobs, to stem the foreclosure crisis, and to put our economy back on a sound footing.”

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.

This morning I gave my opening statement to the Senate Foreign Relations Committee at the nomination hearing of Secretary-Designate of State, Hillary Clinton. I have had the pleasure of working closely with her on a wide range of issues for many years, and I look forward to our continued partnership and to her leadership as Secretary of State. I have no doubt she will do a remarkable job.

"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, met with Shaun Donovan, the Secretary-Designate for the U.S. Department of Housing and Urban Development. Dodd announced today that the Committee will hold a hearing on Donovan’s nomination next Tuesday.

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 are examining the reported fraud by Bernard Madoff. In a letter to Securities and Exchange Commission (SEC) Chairman Christopher Cox, the Senators specified that they are reviewing how federal regulators supervised and oversaw this firm and requested documents and other information about the case.