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Remarks at a Fundraiser for Senator Christopher J. Dodd in Stamford, Connecticut October 23, 2009

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Remarks at a Fundraiser for Senator Christopher J. Dodd in Stamford, Connecticut October 23, 2009 Administration of Barack Obama, 2009 / Oct. 23 Remarks at a Fundraiser for Senator Christopher J. Dodd in Stamford, Connecticut October 23, 2009 Hello, Connecticut! Hello, Stamford! It is has appeared on some of the most important good to be back in Connecticut. Thank you so pieces of legislation that Congress has pro- much. Everybody, please have a seat; have a duced. seat. Relax for a second. I’m just warming up Today, every American who can take a leave here. [Laughter] from a job to care for a newborn or a relative I’m going to talk a little bit about this guy in a who is sick, they can thank Chris Dodd. Every second. Let me begin by just acknowledging young child who has early access to educational some wonderful public servants who have just opportunity through Head Start, thank Chris been serving their constituencies with great dis- Dodd. Every firefighter and first responder tinction for, in some cases, a lot of years. who is safer on the job because of the FIRE Act Now, first of all, Congressman John Larson is and the SAFER Act, they can thank Chris in the house. Where’s John? There he is, John Dodd. Chris has been so good that you could Larson; Congressman Chris Murphy—Chris; excuse him if he decided, “You know, I’m going Congressman Jim Himes—[applause]—yes, to start taking it easy a little bit. I don’t want to sir—this is Jim’s district, so he’s got the home have to just work this hard.” But that’s not what court advantage; Attorney General Richard he did. He—I don’t know what—he’s got some Blumenthal; and mayor of Stamford, Dannel Energizer bunny battery in him or something Malloy is in the house. —[laughter]—but this year, he’s kind of gone I can see this is a feisty crowd. [Laughter] crazy; he’s just gone wild. I mean, look at what What are you guys eating? [Laughter] You don’t he’s done this year. There are few leaders who know yet, huh? [Laughter] It’s a surprise? All have been as busy getting things done in Con- right. gress as Chris Dodd. It is great to be back in Connecticut. It is an Just this year, led the fight to pass legislation honor to be here with and for your outstanding that is helping homeowners keep their piece of Senator, my great friend, Chris Dodd. Now, the American Dream. Then he helped pass a here’s the general rule of politics: When you’re law that will stop big tobacco from targeting our President, you’re not supposed to pick favorites. children. Then he was there to pass a national But I have a confession to make: From the mo- service bill that will inspire another generation ment I arrived in the United States Senate, of Americans to serve their country, just like Chris Dodd was one of my favorites. He—and Chris did when he served in the Peace Corps. contrary to what Chris thinks, it’s not his good Then he wrote the credit card legislation that fi- looks. [Laughter] Jackie may like that; that nally became law this year, a law that will stop doesn’t move me. [Laughter] credit card companies from ripping off the It’s the fact that he’s someone who believes American consumer with abusive fees and rate deeply in the core ideals of our country and the hikes. And that’s only 9 months in; it’s just the nobility of public service, and he’s lived those first 9 months. And in between—tonight he’s ideals from the moment he joined the Peace got his swimming trunks; he’s going to take the Corps as a young man through his leadership in girls swimming at the hotel pool. [Laughter] the Senate today. He has never lost that won- So Chris knows how to get things done in derful quality that’s all too rare in Washington: Washington. That’s why he’s currently leading the quality of taking his work seriously, but not the fight on not one, but on two of the most im- taking himself seriously—a man of good humor portant issues that we face today and two of the and a good heart. And that’s why he is liked and biggest priorities in my agenda. respected not just in the Democratic Caucus, Before our friend and champion Ted Kenne- but across the aisle; that’s why he’s so effective, dy passed away this summer—and Teddy, Jr. is and why, over the past three decades, his name here tonight—he—[applause]—Teddy turned 1577 Oct. 23 / Administration of Barack Obama, 2009 to Chris and he asked him if he’d be the one to the financial interests of ordinary Americans. shepherd health reform through the commit- And this is an agency that will equip every tee that Teddy had chaired. And in that role, American who signs up for a mortgage or a Chris did an outstanding job both leading and credit card with the information they need to listening, incorporating Republican and Dem- avoid getting ripped off by predatory lenders ocratic ideas. And thanks to Chris Dodd’s or big banks. Now, if the American people win work and the work of Senators like Max Bau- this fight, these banks and lenders won’t be cus and others, we are now closer to Ted Ken- able to exploit consumers through complicated nedy’s dream of health care reform than we contracts or fine print. No longer will they be have ever been. It will pass this year, in part permitted to game the system so consumers because of the work of Chris Dodd. are at greater risk to face arbitrary penalties or But Chris isn’t just dealing with health care fees. In a financial system that’s never been reform. He’s also leading the fight to reform more complicated, and at a time when middle our financial industry so that we don’t have an- class families are under such duress, such other crisis like the one that brought our econ- strain, it’s never been more important for con- omy to its knees. Now, I know that there are a sumers to have their own watchdog. That’s ex- lot of hedge funds and financial institutions actly what this agency will be. here in Stamford. We flew over by helicopter; And I have to say, it’s predictable. A lot of we saw some of the housing around here. the big financial firms, they don’t like it very [Laughter] But I want to stress the urgency of much, because confusion among consumers this reform. I have always believed, and I oftentimes means big profits. And lately we’ve know Chris believes, in the free market. And seen an army of industry lobbyists descend on we believe with all our heart that the financial Capitol Hill to kill this proposal or at least to industry is essential to a healthy economy and water it down. Now, fortunately, I think every- the well being of the country as a whole. And body understands now is the time to get this that’s why we stepped in. And we continue to done. And despite all the lobbyists and all the believe it was the right thing to do, to step in to power, we scored a major victory yesterday prevent a collapse in the financial sector that when the House banking committee voted in would have had far-reaching and devastating favor of a consumer financial protection agen- consequences for the American people. We cy. The lobbyists lost, the American people came very close to a great depression. won. And thanks to the strong leadership of And so we had to intervene. But I think all Chris Dodd, we’re going to win again in the of us can agree that as a country, we should United States Senate. never again be faced with such a potential ca- Chris is leading that fight just as he’s leading lamity because of the reckless speculation and the fight against deceptive and punishing deceptive practices of a short-sighted and self- check overdraft fees, and a whole array of safe- interested few. So I have to say—[ap- guards to ensure that hard-working Americans plause]—so I’d like to say to you tonight, if are treated fairly in our financial system. Every there are folks from the industry here tonight, resident of this State and every American has a join us. Don’t fight us. Join us in passing what stake in his success. are necessary reforms. It is important for our So Chris has a lot on his plate these days. country, and in the long run, it will be good for And that’s because we’re facing pretty big your industry to have a level playing field, challenges as a nation right now. You know, it’s where everybody knows the rules and every- important for all of us to remember what was body is competing fairly for the business of happening when we walked through the front American consumers. It’s the right thing to do. door of the White House, because, you know, Now, one of the most essential financial re- there seems to be some selective memories af- forms is the one that Chris has been leading flicting certain people. [Laughter] We were the charge on, a consumer financial protection facing an economic crisis unlike any we’d seen agency whose mission will be to look out for in generations.
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