2006.12.08: December 8, 2006: Headlines: Figures: COS - Dominican Republic: Politics: Congress: Election2008 - Dodd: Banking: Hartford Courant: Dodd outlines priorities as new Chairman of Senate Banking Committee
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2006.12.08: December 8, 2006: Headlines: Figures: COS - Dominican Republic: Politics: Congress: Election2008 - Dodd: Banking: Hartford Courant: Dodd outlines priorities as new Chairman of Senate Banking Committee
Dodd outlines priorities as new Chairman of Senate Banking Committee
Although he provided no specifics, he said he will propose ways to keep people from losing their homes when mortgage costs rise and to end predatory lending practices "that strip equity out of consumers' homes and leave them on the verge of default." The senator wants to provide more scrutiny of how regulators, and those they regulate, deal with credit card consumers. He also plans hearings about how to combat terrorist financing, and he will consider whether to extend the Terrorism Risk Insurance Act. The law, which helps protect companies and consumers from economic fallout from terrorist attacks, is due to expire at the end of 2007. Senator Chris Dodd of Connecticut served as a Peace Corps Volunteer in the Dominican Republic in the 1960's.
Dodd outlines priorities as new Chairman of Senate Banking Committee
As Panel Chief, Dodd Sanguine
Says He Can Accept Bankers' Money, Be Consumers' Friend
December 8, 2006
By DAVID LIGHTMAN, Washington Bureau Chief
WASHINGTON -- Can Chris Dodd run for president of the United States and shepherd his ambitious Banking Committee agenda through a divided Senate?
[Excerpt]
Dodd has coveted the banking post for years; he has been a committee member for 25 years, and he finally became chairman when Sen. Paul Sarbanes, D-Md., retired.
Dodd's record on the committee has been hard to characterize.
"There are times he's been an effective friend of the consumer on crucial issues, and at other times, he's opposed some of the things that matter to us most," said Travis Plunkett, legislative director of the Consumer Federation of America.
Dodd pledged Thursday to be a friend of the consumer, but also said he's not hostile to business.
He outlined the four major thrusts of his plans in leading the committee:
# Consumers. Dodd wants to simplify the home-buying process "so consumers don't have to wait until closing on their new home to know the terms of their mortgage."
Although he provided no specifics, he said he will propose ways to keep people from losing their homes when mortgage costs rise and to end predatory lending practices "that strip equity out of consumers' homes and leave them on the verge of default."
Jordan Ash, director of the ACORN Financial Justice Center, a Minnesota-based consumer group, was encouraged by Dodd's views, particularly about stopping such lending. "The last time a Democrat was chairman of that committee made a world of difference," Ash said. "We're very excited about Dodd as the chairman."
# Credit cards. The senator wants to provide more scrutiny of how regulators, and those they regulate, deal with credit card consumers. Plunkett called this initiative unusually promising, and he said a presidential bid could be a benefit.
"It could be a real advantage to credit card users if Dodd homes in on abuses," he said, and then uses that as a selling point for his White House run.
# Homeland security. Though not the committee's primary function, it does have a say in how transit and port security can be improved, and Dodd said both will be priorities.
He also plans hearings about how to combat terrorist financing, and he will consider whether to extend the Terrorism Risk Insurance Act. The law, which helps protect companies and consumers from economic fallout from terrorist attacks, is due to expire at the end of 2007.
Consumer groups have been skeptical about the law because it allows public money to be injected into what they think should be a private enterprise. But Treasury Secretary Henry M. Paulson Jr. told the committee recently that the act has helped stabilize the insurance industry.
# Banks and regulatory agencies. The committee oversees the work of financial institution regulators, as well as the Federal Reserve Board and Treasury Department.
Dodd pledged to be tough, saying "we have seen some troubling trends take root in our nation. The working majority of Americans has found itself struggling against powerful forces - global competition for well-paying jobs, stagnant incomes and explosive increases in the costs of health care, housing, education and energy."
Banking has been one of Congress' more collegial panels, and Dodd has long enjoyed good relations with outgoing chairman Richard C. Shelby, R-Ala.
Consumer and watchdog groups Thursday questioned how Dodd could balance business and consumer interests when he gets generous contributions from the business side - and will need millions more next year if he runs for president.
Since 1989, according to the Center for Responsive Politics, the six industries that have given the most to Dodd all have important business before the committee.
Securities and investment interests have given $2.18 million, followed by lawyers and law firms, $1.28 million; insurance, $1.08 million; real estate, $804,692; accountants, $573,403; and commercial banks, $553,719.
"Where's the other side?" asked Massie Ritsch, center spokesman. "Where are contributions from bank customers or credit card users or small investors?"
Clearly the monied interests have lots more to give, he said, and "it's hard to see how this couldn't influence the member. If the goals of these special interests weren't being achieved, they wouldn't give the money."
Dodd said he could "possibly" turn down some funds if he runs for the White House, but defended his acceptance of the contributions over the years.
"I wish we had public financing," he said. "But I'm responsible about this. I can't run for office with one hand tied behind my back, and I'll act responsibly as a committee chairman, as I've always done."
Contact David Lightman at dlightman@courant.com.
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Headlines: December, 2006; RPCV Chris Dodd (Dominican Republic); Figures; Peace Corps Dominican Republic; Directory of Dominican Republic RPCVs; Messages and Announcements for Dominican Republic RPCVs; Politics; Congress; Banking; Connecticut
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Story Source: Hartford Courant
This story has been posted in the following forums: : Headlines; Figures; COS - Dominican Republic; Politics; Congress; Election2008 - Dodd; Banking
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