Dodd Stays With Banking Committee

Sen. Christopher Dodd, D- Conn., said he will continue to serve as the chairman of the banking committee and he is looking forward to working with the Obama administration in preventing foreclosures and strengthening regulation of the financial system. At a press conference, Sen. Dodd put aside rumors that he is eyeing the chair of the Foreign Relations Committee by noting the banking committee will play a central role in dealing with the financial crisis, which is important to the nation and his state. Sen. Dodd said at the press conference that that president-elect Barack Obama should make it a priority to select his economic team quickly. The chairman pledged to hold extensive hearings on the Treasury Department's implementation of the $700 billion troubled asset relief program. And he said banks that have received capital injections from Treasury should increase their lending and reduce foreclosures. He also stressed that banks shouldn't use taxpayers funds to pay dividends or to acquire other banks.