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:

Federal Mass Transit Tax Break Right Now Only Covers $120 Worth of Commuting Costs Per Month, Less than Half As Much as the Benefit Given to Drivers

Disparity Shows Absolutely Backwards Priorities In Modern Age Of Conservation And With Nation's Crippling Dependence On Foreign Oil

Bipartisan Plan Equalizes the Two Benefits and Takes Away the Incentive to Drive - Takes Cars Off the Road and Puts Money Back in Commuters' Pockets

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today heard testimony from Dr. Henry Backe Jr., an orthopedic surgeon from Fairfield, Connecticut, at the Committee’s hearing to examine the Madoff Investment Securities fraud.  Senator Dodd invited Dr. Backe to testify after hearing that his medical practice, which employs over 100 people, invested all of its retirement plan assets with Madoff in 1992, and has suffered devastating losses since the news broke that all investments with Madoff were a sham. 

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

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.

Today I met with a group of UCONN students who are down in Washington on a service project during their winter break.  Our discussion covered a wide variety of topics – from the rising cost of college tuition to the stimulus package.  I’m very glad I had the chance to hear from these young women and hope they’ll stay involved in politics long after they graduate.

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.