Dodd Talks Auto Bankruptcies, Credit Reforms

4791534Appearing on CBS' The Early Show this morning, Sen. Christopher Dodd (D-Conn.) discussed the announcements that General Motors and Chrysler are moving closer to bankruptcy filings in the coming weeks. The banking committee chair said he hopes the two car companies will be reorganized, rather than liquidated.

"Reorganization, while no one likes that option, it may be the best option to retain a strong auto industry in the 21st century for our nation," said Dodd. "I wish we had different results but the realities are what they are."

The Senate veteran, whose approval numbers have cratered in recent months, was hopeful that President Obama's calls to stop credit card abuses will lead to meaningful legislation. He said that though previous efforts address the problem have withered under intense lobbying by credit card companies, this time he believes that popular support is on the side of reform.

Dodd noted that 70 million accounts had interest rates go up in the last year, and that debt levels, particularly among students, continue to balloon.

"I think we have a wonderful opportunity to make a difference here and get a handle on these issues that have been gouging consumers for far too long," said Dodd.

See below for the full interview: