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, 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.

On Monday, Roll Call published the following op-ed by Senator Chris Dodd (D-CT). Senator Dodd is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee.

On election night, President-elect Barack Obama said, “This is a defining moment in our history.” If that is so — and I believe it is — then putting our country back on a sound economic footing is our defining challenge. Our economic crisis is the center of gravity to which all our other problems are being pulled.

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, welcomed new federal funding for Connecticut organizations that provide counseling and legal assistance to families facing the threat of foreclosure.  The grants, which were announced today by NeighborWorks America, will provide $681,230 to the Connecticut Housing Finance Authority and $202,536 to the Neighborhood Housing Services of New Haven.  Several national organizations with offices in Connecticut will also receive large grants. 

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 receiving a report from the Government Accountability Office (GAO) on the Treasury Department’s implementation of the Troubled Asset Relief Program.  Dodd incorporated the GAO reporting requirement in the financial rescue package in order to ensure adequate oversight of the law.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today issued the following statement after the Bush Administration announced a plan to provide assistance to Citigroup:

“Our financial system is facing unprecedented challenges.  More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated.  Significant steps must be taken to stabilize our markets and get credit flowing again.  In that context, I understand the actions taken by the Administration with regard to Citigroup.  I look forward to reviewing the details of the plan.”