Chris Dodd

Can you imagine if your Social Security were tied into the stock market today, what it would be like?

As this Committee works to modernize our Nation's financial regulatory structure, the question is whether we should be giving you a bigger plate or whether we should be putting the Fed on a diet.

Deregulate, fast, before everyone runs to London.

Mr. Chairman, you have an extraordinarily difficult task ahead of you.

I wish we had done that a year ago. It might have made the situation less dramatic than it is today, but I welcome that move, as well.

I noted in my opening comments that housing and autos have historically led us out of recessions in many ways.

I don't welcome that at all, but I can see how it's possible that may happen. I think that's unfortunate, but it may come to that. I'm concerned that we may end up having to do that, at least for a short time.

The notion once again that we could ever start thinking about regulation, reform, and creating new architectures for the 21st century, very much a part of that has to be that that end user, that consumer user of products, be they credit…

This was not a natural disaster. This is one that was avoidable.

I think it is a very important point to take away from a hearing like this, how best we do that.

But doesn't it also basically--in other words, the incentive for the issuer to make sure that the borrower is going to be more creditworthy diminishes when you know you are going to be able to sell that debt off. Isn't that also true?

I think these are basic things that one would require.

I am disappointed that you have got to wait until July of 2010 for them to become effective.

I respect immensely that Ben Bernanke and the Federal Reserve moved on the issue of regulation.

Senator Dodd's comprehensive Credit Card Act fills in many of these gaps.

The need for quick action to end abusive lending practices is more urgent than ever now.

2009 could be one of the worst years on record for credit card consumers.

These are not mutually exclusive concepts and it is our job--our obligation--to craft a regulatory structure that can accommodate them both.

In this time of economic turmoil, we need to proceed carefully, but we do need to proceed.

I believe before we legislate in this area, I think we should be careful.

Clear, complete, and understandable disclosure, as Senator Dodd has pushed for years, is so critical.

These practices are wrong and they are unfair.

Your days of bilking American families at the expense of our economy are over.

We frequently hear from constituents about the burden of abusive credit card practices.

The need to reform the practices of our nation's credit card companies and to provide some tough new protections for consumers.