Dodd Stays Chair of Banking Committee

Sen. Chris Dodd has announced he won’t be taking Ted Kennedy’s gavel in the Health, Education, Labor and Pensions Committee, staying chair of the Banking, Housing and Urban Affairs Committee. Said Dodd in a press release:

“As you all know, last winter, my friend Ted Kennedy asked me to lead his HELP Committee’s effort to reform our health care system. It was an honor to hold that gavel as we underwent the longest, most thorough markup in committee history, and passed historic legislation that cuts costs, protects patient choice, and guarantees every American access to affordable, quality care.
“We all had hoped that Teddy would be able to come back to see this through. Unfortunately, that wasn’t possible. But I intend to keep the promise I made. And so, I am pleased that I will able to continue the role he asked me to take on as the HELP Committee’s leader on health care reform.
“But we have important work to do on the Banking Committee, and I intend to see it through as chairman.

Sam Caligiuri seems to think that his campaign was in some way responsible for Dodd’s decision. I have my doubts.

Dodd’s other rivals took the opportunity to send out releases hammering him on his economic record.


5 responses to “Dodd Stays Chair of Banking Committee

  1. Well he’s done such a great job on the Banking Committee, it would be so hard for us not to have him there to oversee an industry that –if it were to collapse– would have a major effect on our economy!!!

  2. Senator Dodd should’ve gone to HELP. Now he’s stuck defending his lie (promising to ask for the names of the banks that got the $2.2 trillion in bailouts) and nonsense suggestion that auditing the Fed is a problem.

    And now some more bad news for our Senator who opposes transparency and good government:

    House Financial Services Committee Chairman Barney Frank has officially agreed to hold hearings on HR 1207! The hearings are tentatively scheduled for Friday, September 25 at 9:00 am.

  3. And the HuffPo’s Ryan Grim has another “Priceless” piece on those who fall under the purview of our Banking Chairman:

    I’m shocked! Shocked to hear such motives and happenings could be happening.

    Pay no attention to that Fed behind the curtain!

  4. I am confused. Isn’t this decision a no-brainer?

  5. From the article you quote in HuffPo:

    “Rosner, the Wall Street analyst who foresaw the crash, says that the Fed’s ideological dominance of the journals hampered his attempt to warn his colleagues about what was to come. Rosner wrote a strikingly prescient paper in 2001 arguing that relaxed lending standards and other factors would lead to a boom in housing prices over the next several years, but that the growth would be highly susceptible to an economic disruption because it was fundamentally unsound.

    “He expanded on those ideas over the next few years, connecting the dots and concluding that the coming housing collapse would wreak havoc on the collateralized debt obligation (CDO) and mortgage backed securities (MBS) markets, which would have a ripple effect on the rest of the economy. That, of course, is exactly what happened and it took the Fed and the economics field completely by surprise.”

    Please mail to Se. Chris Dodd.

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