Majority Press Releases
JOHNSON HOLDS CONFIRMATION HEARING FOR FIVE NOMINATIONS
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a confirmation hearing for Dr. Stanley Fischer, to be a Member and Vice Chairman of the Fed Board of Governors; The Honorable Jerome H. Powell and the Honorable Lael Brainard, to be Members of the Fed Board of Governors; Mr. Gustavo Velasquez Aguilar, to be an Assistant Secretary of the Department of Housing and Urban Development; and Mr. J. Mark McWatters, to be a Member of the National Credit Union Administration Boa… Continue Reading
March 11, 2014
JOHNSON, CRAPO ANNOUNCE AGREEMENT ON HOUSING FINANCE REFORM
Washington, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced that they have reached an agreement on a housing finance reform proposal. Last fall, the Senate Banking Committee hosted an in-depth series of hearings exploring essential elements necessary for reform and over the past few months they have been negotiating and drafting the reform proposal. The bipartisan agreement includes measures from Committee Members on both sides of t… Continue Reading
February 27, 2014
JOHNSON STATEMENT ON MONETARY POLICY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Federal Reserve's Semiannual Monetary Policy Report to Congress. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. We welcome Dr. Janet Yellen as Chair to deliver the Federal Reserve's semiannual Monetary Policy Report. Chair Yellen, I would like to congratulate you on your nomination and confirmation. In fact, this month's hearings are historic-the… Continue Reading
February 25, 2014
JOHNSON HOLDS HEARING ON THE STATE OF THE TERRORISM RISK INSURANCE MARKET
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market, Part II." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. Today, we hold our second hearing on reauthorizing TRIA and the state of the terrorism risk insurance market. "At our first hearing last Fall, we heard testimony from experts who reminded the Committee of the history … Continue Reading
February 6, 2014
JOHNSON OPENING STATEMENT ON WALL STREET REFORM OVERSIGHT AND DATA SECURITY
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Oversight of Financial Stability and Data Security." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. Today, the Committee continues its oversight of the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. There has been good progress since our last hearing, including the completion of the long-awaited "Volcker Rule". I… Continue Reading
February 5, 2014
JOHNSON, CRAPO CONTINUE WORK ON HOUSING FINANCE REFORM
Washington, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) issued the following statement regarding their bipartisan effort to draft comprehensive housing finance reform. "With the hearing and information-gathering stage behind us, our hard work continues as we dive deep into the drafting and negotiating phase of Housing Finance Reform. Our goal from the start has been to produce the strongest bipartisan bill possible-a bill that will st… Continue Reading
January 28, 2014
JOHNSON HOLDS HEARING ON THE EXPORT-IMPORT BANK
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Oversight and Reauthorization of the Export-Import Bank of the United States." The Ex-Im Bank supports billions in exports, creates and supports hundreds of thousands of American jobs and often turns a profit for the taxpayer. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. Today, the Committee again welcomes the Chairman and President of the Expo… Continue Reading
January 16, 2014
JOHNSON REVIEWS PUBLIC TRANSPORTATION UNDER SURFACE TRANSPORTATION LAW
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Progress Report on Public Transportation under MAP-21." Below is Chairman Johnson's statement as prepared for delivery: "This hearing will come to order. Today the Banking Committee seeks to review how public transportation and the federal programs that assist our nation's transit providers have advanced since the current surface transportation law, MAP-21, was enacted in 2012. This Committee … Continue Reading
January 15, 2014
JOHNSON LAUDS VOLCKER RULE FIX
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the below statement following an announcement by financial regulators that they have approved an interim final rule to address an issue in the Volcker rule that could have forced community banks to write-down and sell collateralized debt obligations backed by Trust Preferred Securities (TruPS). "The Volcker Rule was designed to prohibit large banks from making risky proprietary trades with federally insured deposits. … Continue Reading
December 19, 2013
JOHNSON, CRAPO FILE REPORT ON FHA SOLVENCY BILL
Washington, D.C. - Banking Committee Chairman Tim Johnson and Ranking Member Mike Crapo today issued the following remarks after filing the report on the Federal Housing Administration (FHA) Solvency Act of 2013 (S. 1376). According to the Congressional Budget Office, the bill would reduce federal discretionary spending by more than $500 million over a five-year period of time while forcing the FHA to build up to a 3 percent capital ratio. Last week, the FHA released its independent financial … Continue Reading
December 19, 2013
JOHNSON FLOOR STATEMENT CALLING ON THE SENATE TO CONFIRM JANET YELLEN TO HEAD FEDERAL RESERVE
WASHINGTON - This morning, Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate Floor to call on his colleagues to confirm Dr. Janet Yellen to be Chair of the Federal Reserve. Below are Chairman Johnson's remarks as prepared for delivery. "Mr. President, I rise to speak in support of Dr. Janet Yellen to be Chair of the Board of Governors of the Federal Reserve System. "As we continue to recover from the worst economic crisis since the Great Depression, we need a st… Continue Reading
December 17, 2013
CHAIRMAN JOHNSON COMMENTS ON VOLCKER RULE
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement after financial regulators approved the "Volcker Rule," a Wall Street Reform provision that bans proprietary trading by banks. "Today's approval of the final Volcker Rule is a key milestone in the full implementation of Wall Street Reform and these trading restrictions will help improve the integrity of our banking system. I commend all the individuals involved in this monumental effort for the… Continue Reading
December 17, 2013
JOHNSON’S KEYNOTE ADDRESS AT BPC HOUSING FINANCE REFORM EVENT
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) today gave the closing remarks at the Bipartisan Policy Committee's event titled "A Forum on the Role of Private Capital in a Reformed Housing Finance System." Below are Chairman Johnson's remarks as prepared for delivery: "Thank you for that kind introduction. It is good to be with all of you today. "I want to thank the Bipartisan Policy Center for hosting this event. The BPC has done great work elevating the issue of… Continue Reading
December 17, 2013
JOHNSON OPENING STATEMENT AT KUMAR NOMINATION HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a nomination hearing for the consideration of Arun M. Kumar to be Assistant Secretary and Director General of the United States and Foreign Commercial Service, U.S. Department of Commerce. A vote on the nominee will be scheduled for a later date. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "Good Morning. Today we consider Mr. Arun Kumar to be Assistant Secr… Continue Reading
December 12, 2013
JOHNSON OPENING STATEMENT AT HEARING EXPLORING BILATERAL NUCLEAR AGREEMENT WITH IRAN
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Assessing the P5+1 Interim Nuclear Agreement with Iran: Administration Perspectives." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. Yesterday, all Senators had a chance to hear directly from Secretaries Lew and Kerry and senior intelligence officials on the first step nuclear agreement reached in Geneva between the P5+1 and Iran. Today we will d… Continue Reading
December 10, 2013
JOHNSON ON RISK SHARING IN HOUSING FINANCE MARKET
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Fundamentals of Transferring Credit Risk in a Future Housing Finance System." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "This hearing is the last in our in-depth series of policy hearings to explore the benefits and challenges of reforming the housing finance system. At the urging of Committee Members and with the… Continue Reading
December 10, 2013
JOHNSON STATEMENT ON MEL WATT VOTE
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) today released the following statement after a procedural vote passed that clears the way for Congressman Mel Watt (D-NC) to be confirmed as the Director of the Federal Housing Finance Agency (FHFA). "I congratulate Congressman Watt on a successful cloture vote this morning and look forward to the Senate quickly confirming him as the Director of the FHFA. Congressman Watt has over 40 years of experience in housing, real estate… Continue Reading
December 10, 2013
CHAIRMAN JOHNSON COMMENTS ON VOLCKER RULE
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement after financial regulators approved the "Volcker Rule," a Wall Street Reform provision that bans proprietary trading by banks. "Today's approval of the final Volcker Rule is a key milestone in the full implementation of Wall Street Reform and these trading restrictions will help improve the integrity of our banking system. I commend all the individuals involved in this monumental effort for the… Continue Reading
November 22, 2013
JOHNSON ON TRANSITIONING TO A STRONGER HOUSING FINANCE SYSTEM
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Developing a Plan for a Smooth Transition." Below is Chairman Johnson's statement as prepared for delivery: "The Committee will come to order. "Today we continue our series of hearings to better inform the Committee's efforts to reform our housing finance system. While we have spent time examining what the different components of a new system should look like, today… Continue Reading
November 21, 2013
JOHNSON ON CREATING A STRONG SECONDARY MORTGAGE MARKET REGULATOR
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Powers and Structure of a Strong Regulator." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "This hearing continues the Committee's effort to examine housing finance reform proposals. Today we will explore the current regulatory structure related to the secondary mortgage market and survey the issues related to the pro… Continue Reading
