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: Today, the Committee continues its oversight of the implementation of the Emergency Economic Stabilization Act of 2008, known as “EESA.”

As recent news reports show that foreclosures in Connecticut have risen 134% in the month of October, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held an oversight hearing today on the implementation of the Emergency Economic Stabilization Act, focusing on foreclosure prevention efforts, ensuring that lenders are using the federal funds for lending, and executive compensation policies.

"I appreciate the Treasury Department’s willingness to adjust to the current situation in our financial markets.  I am also gratified that they listened to Congress when we insisted on including alternative strategies, such as liquidity injections, in the financial rescue legislation.  It is alarming to imagine how limited the Treasury’s options would be if Congress had not made substantial changes to their three page proposal." 

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs and a senior member of both the Committees on Foreign Relations and Health, Education, Labor and Pensions, held a press conference today where he announced that he will continue to serve as the Chairman of the Banking Committee and laid out what his priorities will be for Connecticut and the Committee.

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, along with several other members of the Committee, today sent a letter to President Bush urging the Administration to address the root cause of our nation’s economic problems – the foreclosure crisis.  The Emergency Economic Stabilization Act gives the Administration considerable new authority to prevent foreclosures.  While recent news reports have indicated that the Administration plans to use this authority – which was granted nearly four weeks ago – the Treasury Department has yet to announce any efforts dedicated to helping people keep their homes.

“Today's interest rate cut is a welcome step to the extent that it facilitates the unlocking of our credit markets so that businesses can continue to operate and American families are able to afford homes, cars and to send their children to college.  Recent rate cuts, including today's, also underscore Chairman Bernanke's foresight in rejecting calls by other Federal Reserve Governors to raise interest rates several months ago.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, announced that the Committee will hold a hearing on Thursday entitled “Turmoil in the U.S. Credit Markets: Examining Recent Regulatory Responses.” Tomorrow’s hearing will focus on the federal regulators’ role in the economic crisis and solutions to restore stability and soundness to our financial markets.

Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, held a hearing on today entitled “Turmoil in the U.S. Credit Markets: The Genesis of the Current Economic Crisis.”  The hearing focused on what led to our country’s economic crisis, and solutions to restore stability and soundness to our financial markets and the American economy.

As part of the recently-enacted Emergency Economic Stabilization Act, Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, successfully worked to require the Federal Reserve to report to the Congress when it undertakes loans made under unusual and exigent circumstances. Dodd released the following statement after receiving the first two reports from the Federal Reserve: