Dodd to Review Citigroup Bailout

Sen. Chris Dodd (D-Conn.) is taking a cautious approach to assessing the government rescue of Citigroup.

Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, said he understood the Bush administration’s decision to guarantee more than $300 billion of the bank’s assets and to invest $20 billion directly into the company. But Dodd refrained from making a strong judgment on it.

Here’s his full statement.

“Our financial system is facing unprecedented challenges. More than a million Americans have lost their jobs this year alone, millions of homeowners are facing foreclosure, and hundreds of billions of dollars in retirement savings and investments have evaporated. Significant steps must be taken to stabilize our markets and get credit flowing again. In that context, I understand the actions taken by the Administration with regard to Citigroup. I look forward to reviewing the details of the plan.”