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Dodd Announces Bailout Hearings

Senate Banking Committee Chairman Chris Dodd announced a set of hearings on recent actions by the Bush administration to prop up the financial industry, starting Thursday with a hearing on credit markets.

The Connecticut Democrat also said Tuesday he plans to introduce a major banking bill when the Senate returns next month for a lame duck session, potentially including the measure in a second economic stimulus package.

The bill will be a combination of measures, including a 90-day moratorium on foreclosures, reform of credit card laws, steps to reign in predatory lenders and reform of the nation’s bankruptcy laws.

"If we’re spending as much time and as much of our resources on the financial sector, it seems to me appropriate that we take steps to provide some relief for the consumer as well," Dodd said at a press conference.

Dodd also met with Treasury Secretary Henry Paulson Tuesday to discuss the administration’s latest $250 billion move to buy shares in the nation’s major banks in an effort to free up credit markets.