By Eugene Lowe
February 12, 2007

In an address to the nation’s mayors at the National Building Museum January 24, Senator Christopher Dodd (CT) talked about change and putting the “nation on a new and more hopeful path.” This was Dodd’s first speech since being chosen as chairman of the Senate Committee on Banking, Housing, and Urban Affairs. The event was held during the 75th Winter Meeting of the Conference of Mayors in honor of the new leadership in the 110th Congress.

Dodd, who has also announced that he is seeking the Democratic Party’s nomination for President of the United States, said the “gap between America’s promise and America’s progress is wider than it has been in many years — certainly in my lifetime.” But the Senator also said there is “nearly unparalleled possibility” as seen in technology, medicine, and science.

Citing the nation’s now record deficit, 9/11, and the Iraqi war, Dodd asserted that the times call for “new and bold solutions.” He said further: “Those of you who are nation’s mayors understand the urgency of the moment. That understanding is reflected in the ‘Mayors’ 10-Point Plan.’ I applaud you for it. It is a call to action by our nation. If heeded, it can help create safer streets, cleaner air, better schools, and good jobs for our people.”

As the new Chairman of the Banking Committee, Dodd outlined his agenda, which he said will make a difference. The Senator’s commitment to address the needs of cities and towns comes from his experience in his hometown of Willimantic (CT), a small city that once thrived on producing cotton thread, but now is a mere shadow of itself. “The people of Willimantic have never stopped seeking good jobs, decent housing, and a better future for their kids,” the Senator said.

For cities and towns across America, Dodd said that he will focus on “two principal objectives: first, to expand opportunity and prosperity for more Americans; and second, to strengthen our nation’s security.” According to the Senator, there is an “opportunity gap” that manifests itself in the “lack of access that millions of Americans have to mainstream financial services, products, and capital.” This means that mainstream financial institutions must be brought into underserved areas. Dodd announced that he will chair a hearing “on improving access to affordable credit and other financial services.” He said that he wanted to work with mayors on helping people to save, borrow, and build wealth.

But even mainstream financial services have problems. One example is that of credit cards and their impact on consumers. The Senator announced he would hold a hearing on this issue. While he supports credit cards, and oppose any efforts to ban their use, there are certain practices by certain issuers that harm, not help, consumers’ ability to move up the economic ladder. Dodd told the mayors that he would look for ways to “put an end to these kinds of indefensible practices.”

Another opportunity gap area includes affordable housing and homeownership. The Community Development Block Grant (CDBG) has been proposed for a cut each of the last two years. Federal housing assistance, for such programs as HOPE VI and Section 8, has not been fully funded. In addition, Dodd said that there are challenges that prevent families from keeping the homes they have already bought. Foreclosures have become a major problem, and if are not addressed, mayors will have to contend with greater rates of poverty, homelessness, and blight. Dodd said that he will hold a hearing on this issue in the Banking Committee in two weeks. He asked the mayors for their input and suggestions.

As for the nation’s security, Senator Dodd said that he will conduct a hearing on the subject of strengthening the security of our transit networks.

In closing his remarks, Dodd said that he wanted to do more than talk about change. He wants to create change just as was done when he and a few other members of congress work together to make the Family and Medical Leave Act a reality. “That’s the kind of change that I want to create for the people of our country. And I’m confident that you want to do that, as well,” Dodd said.