Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry:

“This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job.  It also takes tough measures to restructure and reform this industry.  This bill is a far cry from a blank check to the industry.  Rather, these companies will be required to pay back every dollar they borrow from hard-working American taxpayers.  Furthermore, the legislation requires these companies to make painful, fundamental changes if they are going to be competitive internationally and viable in the long-term.  And if they fail to make tough choices and reforms, they immediately have to repay their loan or line of credit, and face the full consequences of their failures.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement on data from the Bureau of Labor Statistics indicating that more than 500,000 American jobs disappeared last month, pushing the unemployment rate to its highest level in 15 years:

Remarks as Prepared: Today, the Committee meets for second time in as many weeks to consider the state of the domestic automobile industry.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, will hear testimony from James Fleming, the president of the Connecticut Automotive Retailers Association, at the Committee’s second hearing to examine the state of America’s automobile industry on Thursday morning. 

“The Banking Committee has received proposals from Ford, Chrysler and GM, which we have shared with Members of Congress and the public.  I look forward to examining these plans in greater detail.

“There is no question that this industry is facing monumental challenges.  The failure of any one of these companies could have catastrophic consequences on our nation’s economy which is already mired in a severe recession.  But if these companies are asking for taxpayer dollars, they must convince Congress that they are going to shape up and change their ways.  Specifically, they must demonstrate a commitment to profitability and viability that includes raising fuel efficiency standards and reining in excessive compensation and perks like private jets.  I look forward to our hearing on Thursday and the opportunity to review these plans with economic and industry experts, as well as representatives from each company.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after President-Elect Obama announced several nominations for his economic team and outlined an economic recovery plan:

“I commend President-Elect Obama for announcing his economic team and for outlining a strong proposal for economic recovery.  These actions demonstrate that he is moving quickly and responsibly to address our nation’s economic crisis.  I look forward to considering these nominations swiftly and deliberately in the Banking Committee, and will work with my colleagues to ensure that these and other nominees are reviewed without delay.”

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement on the nomination of Neil Barofsky to be Special Inspector General Committee for the Troubled Asset Relief Program.  Having officially received the nomination on Monday, Dodd convened the Committee for a hearing just two days later.  The nomination was cleared by members of the Senate Banking Committee, the leadership of the Senate Committee on Homeland Security and Governmental Affairs, and all Democratic Senators.  However, the nomination was blocked on the floor by at least one Republican member.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, today announced that the Committee will hold a hearing next week on Neil M. Barofsky, President Bush’s intended nominee to be the Special Inspector General for the Troubled Asset Relief Program. This position was designed to conduct, supervise, and coordinate audits and investigations of the purchase, management and sale of assets under the Troubled Asset Relief Program.

Remarks as Prepared: This afternoon, the Committee examines the condition of the domestic automobile industry. 

Senator Chris Dodd (D-CT) released the following statement in response to news reports that Connecticut exports have grown over the last year:

“This is welcome news during these tough economic times. Connecticut’s workers are among the best in the country and the products and services they produce continue to be in high demand around the world.  I will continue to fight to ensure that our business community has the resources and tools it needs to continue to grow and prosper in this difficult economy.”