Senator Dodd Announces Goals for Economy

Senator Chris Dodd (D-CT) gave a statement in the Senate Press Gallery outlining his goals as Chairman of the Banking Committee with regard to the current economic crisis and beyond. His plans include provisions for stimulating both the housing and infrastructure sectors of the economy.

Citing historic high home foreclosure rates as a root source of the dip, Dodd proposed that the government buy up discounted mortgages and foreclosed houses and sell them back to homeowners at discounted rates insured by a revitalized FHA. Such measures could be part of a congressional economic stimulus package still under discussion. Dodd declared his interest in “getting beyond rebates” as the economic medicine of choice.

The Senator also proposed additional spending on infrastructure as a way to not only accomplish much needed refurbishment, but also stimulate and sustain the economy over the long term. He quoted economist Lawrence Mishel’s recent testimony before the Joint economic committee when recommending wisely managed infrastructure spending to help the economy avoid recession.

Regarding the upcoming FISA bill, Dodd announced his intentions to fight the immunity provision, supporting an amendment or possible filibuster.

More generally, Dodd expressed interests in improving flood and property insurance for companies, regulating exports more effectively, reforming the 2005 bankruptcy law, and fostering confidence and optimism as facilitators of economic prosperity.