Sen. Christopher Dodd has endorsed Barack Obama’s proposal for a 90-day moratorium on home foreclosures and said he plans to offer more legislation after Election Day to boost the nation’s ailing economy.
Dodd spoke at the annual conference of the Connecticut Housing Coalition in Hartford. He said people facing foreclosure deserve a time-out from the process.
“I’m willing to do whatever it takes to stop the foreclosure crisis in its tracks,” Dodd said. “It’s the right thing to do economically.”
Dodd, chairman of the Senate Banking Committee, also wants Congress to revisit recently passed bankruptcy laws that he said make it more difficult for the financially troubled to find help. He said now is also a good time to offer legislation to address problems in the credit card industry.
Dodd said he has recently spoken to Senate leaders and Obama, the Democratic presidential nominee, about the new legislation, and they were supportive of his suggestions.
Dodd said he’s not as concerned about the daily results of the stock market as he is about unfreezing the credit market, which has more of an effect on regular people and businesses. The U.S. Treasury Department’s putting $250 billion into banks will help do that, he said.
“I wish (Treasury Secretary) Hank Paulson had done this two weeks ago,” Dodd said. “I think it would have done some good.”
Dodd said Paulson told him that had the rescue package not required giving money to the banks, he would have likely been in front of Congress asking for additional funds to do so.
Paulson, President Bush and Federal Reserve Chairman Ben Bernanke sought to reassure anxious Americans on Wednesday that relief will come, but it will take time and patience for the plan’s unprecedented steps to stabilize the system, induce banks to lend again, and — in time — help improve the economy.
Bush, in a meeting with his Cabinet, said he’s confident that “in the long run, that this economy will come back.” (AP)
