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:

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.

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.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today welcomed Fannie Mae’s decision to allow renters to remain in properties that have been foreclosed on by the mortgage company.  The decision comes just weeks after Dodd urged James Lockhart, the director of the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac, not to evict tenants who pay their rent on time but are living in foreclosed properties.  Dodd sent a letter to Lockhart after Connecticut residents tried to fight eviction by using a provision that Dodd wrote into the recently-enacted financial rescue law.

“I commend President-Elect Obama's nomination of Shaun Donovan to be Secretary of Housing and Urban Development.  I believe that Congress as well as the housing community will welcome this choice, and that Mr. Donovan's background prepares him to address the extremely difficult challenges our country faces in helping Americans find affordable housing.  I look forward to having Mr. Donovan before the Banking Committee at the earliest opportunity.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement after the Senate confirmed Neil M. Barofsky to be Special Inspector General for the Troubled Asset Relief Program.  The confirmation passed by unanimous consent last night.  Under Chairman Dodd’s leadership, the Banking Committee has been vigilant in its oversight of the Emergency Economic Stabilization Act, having held three hearings and coordinated frequent briefings since the passage of the law.