“The regulators have taken an important step in the right direction, but it only gets us part way to our final goal. 

“I applaud the regulators for this guidance.  It establishes, once and for all, the principle that lenders must seriously and fully consider a borrower’s ability to pay a loan back, at the fully indexed rate, before making a mortgage loan.  Had regulators enforced such a standard over the past several years, and had lenders abided by it, many of the problems that homeowners and the markets are experiencing today would have been avoided.

Senator Chris Dodd (D-CT) today issued the following statement after the Senate voted to defeat the motion to invoke cloture on S. 1639, the Secure Borders, Economic Opportunity and Immigration Reform Act of 2007:

“I am deeply disappointed that the Senate voted against the motion to invoke cloture on S. 1639.  With over 12 million undocumented workers in America, a dysfunctional immigration system, and broken borders, our country is facing an immigration crisis that undermines the rule of law, divides families and threatens our national security. The American people expected this Congress to find a workable and comprehensive solution to resolve this crisis. This bill was far from perfect, especially in terms of the guest worker program and family unification. But it offered us an opportunity to move beyond the status quo and fix some of these problems including by investing billions of dollars in border security and practically dealing with the undocumented population.  Moreover, by proceeding with the bill and potentially going to conference with the House, we would have had a further opportunity to address some of its shortcomings.  Instead, with the bill’s defeat, our nation is less secure, our immigration crisis will only fester and deepen, and we have reverted to a silent form of amnesty by doing absolutely nothing. The President has spoken time and again of the importance of achieving comprehensive immigration reform. This was meant to be his signature domestic issue. As this vote made crystal clear today, he failed to deliver as did his party.  The President’s inability to lead on this issue, as on Iraq, has once again come at an enormous cost to this nation.”

Senator Chris Dodd (D-CT) today issued the following statement after the Senate voted to table his amendment to S. 1639, the Immigration Reform bill currently being considered by the Senate.  The amendment would have helped unite parents with their children who are U.S. citizens by increasing the annual cap on green cards for parents, extending the duration of the new restrictive parent visitor visa program proposed in S. 1639, and ensuring that penalties imposed on overstays of the visa are not unfairly applied to others.

“Veterans who have bravely served their country deserve to have their sacrifices honored and remembered.  For many years, we correctly granted the Department of Veterans’ Affairs the power to provide grave markers to veterans’ families commemorating their military service regardless of where they were laid to rest, and this bill will ensure that veterans who passed away in the 1990s are afforded the same benefit.  I am very pleased that Chairman Akaka and my colleagues on the Committee on Veterans’ Affairs have passed this bill as part of a larger veterans’ benefits package, and I look forward to its eventual passage by the full Senate and its enactment into law.”

“I am disappointed that due to the outcome of today’s vote, the Senate will not have the opportunity to enact the Employee Free Choice Act, a measure that would help improve the workplace for millions of American workers by creating an atmosphere where they could choose a union free from employers’ pressures.  If we are going to preserve the American middle class—if workers are going to be able to effectively bargain for their fair share—then we need a way to deter unwanted coercion and discrimination, and a way for workers to fearlessly let their voices be heard.  Passing this legislation would have been a crucial step in the fight for strengthening worker’s rights.  Although I am frustrated by the obstructionist tactics employed by some Senators to prevent full debate on this measure, I will continue to work to put real teeth in our labor laws and help improve the working conditions for all American workers.”     

“Strengthening America’s energy security by reducing our dependence on foreign oil and addressing the threat of global climate change will require transforming our transportation sector.  Promoting a new generation of fuel-efficient vehicles is critical to this effort.  Toward that end, I wrote last week to Chairman Baucus requesting that the Senate Finance Committee extend the alternative motor vehicle tax credits.  That is why I am pleased that the Finance Committee acted today to support additional tax credits for fuel-efficient alternative motor vehicles and plug-in hybrids.  I commend Chairman Baucus and the other members of the Committee for recognizing the importance of encouraging manufacturers to continue investing in innovative technologies, and for enabling Americans to make cleaner, greener choices that advance our nation’s economic, energy, and environmental interests.  I am hopeful these important alternative vehicle tax incentives will be retained throughout the legislative process, and ultimately enacted into law.  I will continue to press to ensure that result.”

Today, Senator Chris Dodd (D-CT), Chairman of the Committee on Banking, Housing, and Urban Affairs seconded the concerns expressed by Secretary of the Treasury Henry Paulson regarding insufficient economic pressure being exerted by U.S. allies’ on Iran.

“The Department of the Treasury is finally getting tough with Iran— both through traditional sanctions and additional targeted financial measures.  I strongly share Secretary Paulson’s concerns about our allies’ commitment to the cause.  If we are going to be effective in preventing Iran from financing terrorism and seeking to acquire nuclear weapons capability, we will need to see comparable commitments from other nations—in Europe, Asia, and the Middle East.  These governments must not turn a blind eye towards Iran’s wrongful and destructive use of private sector investment to consolidate power and destabilize the region. Only robust diplomacy coupled with tough multilateral sanctions will convince Iran to come to the table to find a political solution to our current disagreements.”  

Senator Chris Dodd (D-CT) issued the following statement today upon the Senate Judiciary Committee’s passage of the Emmett Till Unsolved Civil Rights Crime Act, legislation that he introduced in February 2007 with Senator Patrick Leahy (D-VT):

“Today, Congress came one step closer to righting the wrongs of the past and bringing to justice people who have perpetrated heinous crimes based on racial hatred.  I commend Chairman Leahy and my colleagues on the Judiciary Committee for taking action on this important piece of legislation.  While this bill cannot alter history or heal the wounds incurred by these senseless acts of violence, it can work to restore belief in the fairness of our justice system.  I hope that the full Senate will join me in reaffirming our nation’s commitment to seek the truth and work to make equal justice a reality by passing the Emmett Till Unsolved Civil Rights Crime Act.” 

“At a March 2007 hearing, the Banking Committee documented the regulatory foot-dragging by the Federal Reserve Board (FRB) and other federal regulators in addressing predatory practices in the subprime market.  Indeed, at that hearing, the Federal Reserve acknowledged that not enough had been done.  Earlier this week, we learned that the former Chairman of the FRB explicitly rejected a proposal in 2000 from Edward Gramlich, one of his Board colleagues, that would have extended oversight of the Federal Reserve to a significant segment of the subprime market. 

“I am very concerned by Mr. Burns’ assertions that the Iranian government is providing weapons to the Taliban.  The administration's mishandling of Iran policy over the last four and one half years has allowed Iran to increase its regional influence and meddle in the internal affairs of its neighbors.  These recent developments demonstrate once again that the Bush administration must develop a tough and comprehensive approach toward Iran, with the centerpiece being robust diplomacy coupled with more effective implementation of economic and political sanctions that will bring Iran to the negotiating table, where issues of mutual concern can be discussed and hopefully resolved.”