U.S. Sen. Robert Menendez (D-Hoboken) is then new Chairman of the Senate Banking Committee's Housing, Transportation and Community Development Subcommittee. Menendez secured a seat on the powerful panel last month.
"With this new responsibility, I will be able to more directly help effect change on some major economic issues that impact the lives of New Jersey families on a daily basis. The housing crisis is the root of our economic struggles. It continues to affect families who lose their homes as well as their neighbors who face plummeting property values and begin to worry about their own financial situation," Menendez said. "I'm going to work closely with President Obama to deliver real economic security to families who are worried about how they can continue to afford their mortgage payments.
Menendez is also the Democratic Senatorial Campaign Committee Chairman.