Majority Press Releases
JOHNSON COMMENDS FINANCIAL REGULATORS' EFFORTS ON PRIVATE STUDENT LOANS
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency for their efforts to encourage financial institutions to work with private student borrowers experiencing financial difficulties. In a press release, the regulators provided guidance on how lenders can proceed with workout arrangements that benefit both borrowers and lenders in the long run. "At a Ba… Continue Reading
July 24, 2013
JOHNSON STATEMENT ON FHA SOLVENCY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a legislative hearing on "The FHA Solvency Act of 2013." The Committee heard from U.S. Department of Housing and Urban Development Assistant Secretary Carol Galante. Below is Chairman Johnson's statement as prepared for delivery: "Thank you, Commissioner Galante, for joining us today to provide your insights and reaction to the FHA Solvency Act discussion draft Ranking Member Crapo and I have released. I want… Continue Reading
July 18, 2013
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 the Congress. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. Today we welcome Chairman Bernanke back to the Committee to deliver the Federal Reserve's semiannual Monetary Policy Report. "Nearly five years after the worst financial crisis since the Great Depression, the U.S. … Continue Reading
July 17, 2013
JOHNSON STATEMENT ON HOCHBERG CONFIRMATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation Fred Hochberg to be President and Chairman of the Export-Import Bank of the United States. "Fred Hochberg's confirmation for a second term is good news for American workers and businesses. After taking the helm of the Bank in the midst of the worst financial crisis since the Great Depression, Mr. Hochberg's leadership expanded financing for American exporters when pri… Continue Reading
July 16, 2013
CHAIRMAN JOHNSON STATEMENT ON CORDRAY CONFIRMATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation of Richard Cordray to be Director of the Consumer Financial Protection Bureau. "Three years ago this week, the Senate passed the Wall Street Reform Act to address the historic instability of our financial system. Turmoil in our financial system had revealed that many Americans were trapped with financial products they did not fully understand, and that no federal agen… Continue Reading
July 16, 2013
JOHNSON STATEMENT ON CORDRAY CLOTURE VOTE
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement following cloture being invoked on Richard Cordray's nomination to be the Director of the Consumer Financial Protection Bureau. "This is a win for the American people, and Majority Leader Reid should be commended for taking a principled stand in support of consumer protection. Rich Cordray is finally getting the up-or-down vote he deserves. Rich has proven to be effective leader and I have no doubt he w… Continue Reading
July 16, 2013
JOHNSON STATEMENT ON DEFENSE PRODUCTION ACT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing on the Defense Production Act. The Committee discussed the upcoming reauthorization of the DPA and considered how to ensure that domestic industry can meet national defense production requirements. The Committee heard from officials from the Department of Defense, Department of Commerce, and Federal Emergency Management Agency. Below is Chairman Johnson's statement as prepared for delivery: … Continue Reading
July 15, 2013
JOHNSON AND CRAPO UNVEIL DISCUSSION DRAFT OF FHA SOLVENCY ACT
Senate Committee on Banking, Housing, and Urban Affairs For Immediate Release Monday, July 15, 2013 Contact: Sean Oblack/Sam Gilford (Johnson) 202-224-7391 Mandi Critchfield (Crapo) 202-224-1576 Johnson, Crapo Unveil Discussion Draft of FHA Solvency Act Of 2013 Bipartisan compromise measure will ensure stability in the mortgage market and protect taxpayers WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released a d… Continue Reading
July 11, 2013
BANKING COMMITTEE DEMOCRATS URGE MCCONNELL TO ALLOW VOTE ON CORDRAY NOMINATION
WASHINGTON - Chairman Tim Johnson (D-SD) and the eleven other Democratic members of the Senate Banking Committee today sent a letter to Senate Republican Leader Mitch McConnell asking that Republicans end their filibuster of Richard Cordray's nomination to be Director of the CFPB, and allow an up-or-down vote on his confirmation. The letter came after Senate Majority Leader Harry Reid filed cloture on Cordray's nomination, which Republicans have been blocking since 2011. "While we may contin… Continue Reading
July 11, 2013
JOHNSON AND CRAPO REACH AGREEMENT ON BIPARTISAN FHA SOLVENCY BILL
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released the following statement announcing they have reached a bipartisan agreement on legislation to ensure the solvency of the Federal Housing Administration. "Earlier this year, we agreed that the Committee would first address the issues facing the solvency of FHA before turning to comprehensive housing finance reform legislation. After months of hard work we have reached bipart… Continue Reading
July 11, 2013
JOHNSON STATEMENT ON SYSTEMIC RISK OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Mitigating Systemic Risk Through Wall Street Reforms." The Committee heard from representatives of the nation's financial regulators and the Department of Treasury about the progress they are making on reform provisions that improve financial stability, mitigate systemic risk and address concerns that any of the nation's largest financial institutions remain "too big to fail. Below is Chairman Joh… Continue Reading
June 25, 2013
JOHNSON STATEMENT ON HOUSING FINANCE REFORM PROPOSAL
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement on the introduction of the Housing Finance Reform and Taxpayer Protection Act. "I thank Senators Corker and Warner for furthering the discussion and debate surrounding housing finance reform with this proposal," said Chairman Johnson. "Reforming the nation's housing finance system is critical to the long-term health and stability of the American economy, and Ranking Member Crapo and I plan to turn t… Continue Reading
June 25, 2013
JOHNSON STATEMENT ON PRIVATE STUDENT LOAN HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Private Student Loans: Regulatory Perspectives." Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "For many Americans, a college degree is an important goal that can mean a lifetime of better earnings and opportunities. However, this goal has come at a higher price: the cost of education has risen significantly while the job m… Continue Reading
June 13, 2013
JOHNSON STATEMENT ON COMMUNITY BANK HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Lessons Learned From the Financial Crisis Regarding Community Banks." Below is Chairman Johnson's statement as prepared for delivery: "Today we will discuss three recent studies on community banks. The GAO's study, "Causes and Consequences of Recent Bank Failures," the FDIC Inspector General's "Comprehensive Study on the Impact of the Failure of Insured Depository Institutions," and the "FDIC… Continue Reading
June 6, 2013
JOHNSON AND CRAPO APPLAUD COMMITTEE PASSAGE OF INSURANCE LICENSING BILL
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) applauded the unanimous voice vote in Committee approving S. 534, the National Association of Registered Agents and Brokers Reform Act of 2013, also known as NARAB II. The bill will now be sent to the full Senate for approval. "This bill is a true bipartisan product, with ideas and contributions from Committee members on both sides of the aisle," said Chairman Johnson. "The bill is a signif… Continue Reading
June 6, 2013
JOHNSON STATEMENT ON COMMITTEE APPROVAL OF NOMINATION OF FRED HOCHBERG
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a committee vote on the nomination of Fred Hochberg to be President of the Export-Import Bank of the United States. Mr. Hochberg was approved in a bipartisan vote of 20-2, and his nomination will now be sent to the full Senate for approval. "With Fred Hochberg as President, the Ex-Im Bank has set new records in financing the export of U.S. goods and services around the world. Last year, the Bank helped support more… Continue Reading
June 4, 2013
JOHNSON STATEMENT ON IRAN SANCTIONS OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Iran Sanctions: Ensuring Robust Enforcement and Assessing Next Steps." Below is Chairman Johnson's statement as prepared for delivery: "Good morning, I call this hearing to order, and I welcome my colleagues and our witnesses. "Today's hearing is part of our oversight efforts to ensure effective enforcement of the Iran sanctions regime overseen by this committee. We will assess what addi… Continue Reading
May 21, 2013
JOHNSON STATEMENT ON FINANCIAL STABILITY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Financial Stability Oversight Council's Annual Report to Congress. Below is Chairman Johnson's statement as prepared for delivery: "Today we welcome Treasury Secretary Jack Lew to the Committee for the first time since he was confirmed. "While this Committee lacks jurisdiction over the IRS, I must personally express my sincere disappointment and anger regarding the recent revelation that … Continue Reading
May 1, 2013
JOHNSON LAUDS EXPECTED NOMINATION OF REP. MEL WATT TO HEAD FHFA
Chairman Johnson Lauds President Obama's Expected Nomination of Rep. Mel Watt to Head the FHFA WASHINGTON - Senate Banking Committee Chairman Tim Johnson released the following statement applauding President Obama's expected nomination of Representative Mel Watt to be the Director of the Federal Housing Finance Agency. "Mel Watt is a superb pick to lead the FHFA. The agency has an important role to play in helping stabilize the housing market as our economy continues to recover from the… Continue Reading
April 23, 2013
JOHNSON STATEMENT ON CFPB OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Consumer Financial Protection Bureau's Semi-Annual Report to Congress. The Committee heard from CFPB Director Richard Cordray. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "We have reviewed the CFPB's Semi-Annual Report and are here today to conduct regular oversight of the CFPB. This includes making sure that the agency cont… Continue Reading
