Majority Press Releases
DEMOCRATS STAND WITH PRESIDENT OBAMA ON CORDRAY NOMINATION
Democrats Stand with President Obama on Cordray Nomination WASHINGTON, DC - Today, Senate Majority Leader Harry Reid and Senate Banking Committee Chairman Tim Johnson (D-SD) spearheaded a letter to President Obama, signed by 54 Senate Democrats and Independents, commending him for his support for the Consumer Financial Protection Bureau (CFPB) and for renominating Richard Cordray to be Director. The letter informs the President that a majority in the Senate supports the nomination of Richar… Continue Reading
February 14, 2013
JOHNSON STATEMENT ON WALL STREET REFORM OVERSIGHT HEARING
Johnson Statement on Wall Street Reform Oversight Hearing WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections." The Committee heard from representatives of the nation's financial regulators and the Department of Treasury, and discussed the state of Wall Street Reform implementation. Below is Chairman Johnson's statement as prepared for delivery: "The… Continue Reading
February 13, 2013
JOHNSON AND CRAPO URGE REGULATORS TO ADDRESS CONCERNS ON BASEL III
Johnson and Crapo Urge Regulators to Address Concerns on Basel III WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) sent a letter to the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, regarding recent proposals to strengthen capital standards and implement the Basel III framework. The letter urged the regulators to carefully consider the impact of the proposals on community b… Continue Reading
February 12, 2013
CHAIRMAN JOHNSON UNVEILS BANKING COMMITTEE AGENDA FOR THE 113TH CONGRESS
Chairman Johnson Unveils Banking Committee Agenda for the 113th Congress WASHINGTON, DC - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) released his Committee agenda for the 113th Congress. Chairman Johnson's focus will be on strengthening and sustaining the nation's economic recovery, with top priorities including: continued oversight of Wall Street Reform implementation, building bipartisan consensus on the future of housing finance, reauthorizing e… Continue Reading
February 11, 2013
CHAIRMAN JOHNSON AND RANKING MEMBER CRAPO ANNOUNCE BANKING SUBCOMMITTEE ASSIGNMENTS
Chairman Johnson and Ranking Member Crapo Announce Banking Subcommittee Assignments WASHINGTON - Senate Committee on Banking, Housing, and Urban Affairs Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced the panel's subcommittee assignments for the 113th Congress today. "I am looking forward to working with Ranking Member Crapo and all the members of the Banking Committee, to continue the Committee's tradition of bipartisanship and build on our productive record i… Continue Reading
February 7, 2013
JOHNSON WELCOMES BANKING SUBCOMMITTEE CHAIRS FOR 113TH CONGRESS
Johnson Welcomes Banking Subcommittee Chairs for 113th Congress WASHINGTON, DC - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) announced the following chairmanships for the Committee's subcommittees in the 113th Congress: Senator Robert Menendez (D-NJ) - Housing, Transportation, and Community Development Senator Sherrod Brown (D-OH) - Financial Institutions and Consumer Protection Senator Jon Tester (D-MT) - Securities, Insurance,… Continue Reading
January 29, 2013
JOHNSON CALLS FOR CONFIRMATION OF JACK LEW TO BE TREASURY SECRETARY
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement after meeting with Treasury Secretary nominee Jack Lew. "This afternoon I had the opportunity to meet with Treasury Secretary nominee Jack Lew," said Chairman Johnson. "We had a very good conversation and I have no doubt he will be an outstanding Treasury Secretary. He shares my commitment to sustaining and strengthening the economic recovery and providing certainty through implementation of Wa… Continue Reading
January 24, 2013
JOHNSON WELCOMES PRESIDENT OBAMA'S NOMINATIONS FOR TOP SPOTS AT THE CFPB AND SEC
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) issued a statement following President Obama's announcement that he will re-nominate Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) and nominate Mary Jo White to be Chairman of the Securities and Exchange Commission (SEC). "Through numerous hearings, meetings and a trip to South Dakota, I have come to know Director Cordray, and I have a tremendous amount of respect and admiration for the … Continue Reading
December 11, 2012
JOHNSON TAKES TO FLOOR TO SUPPORT TAG EXTENSION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) spoke on the Senate floor today to urge his colleagues to support passage of S. 3637, a temporary extension of the Transaction Account Guarantee (TAG) Program. Below are Chairman Johnson's remarks as prepared for delivery: "Mr. President, I want to express my support for S. 3637, a temporary extension of the Transaction Account Guarantee or TAG program. "The TAG program, which is administered by the FDIC for insured de… Continue Reading
December 11, 2012
JOHNSON STATEMENT ON RENTAL HOUSING ASSISTANCE HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Department of Housing and Urban Development's rental housing assistance programs. The Committee heard from HUD Assistant Secretary for Public and Indian Housing Sandra B. Henriquez. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "I would like to welcome the Honorable Sandra Henriquez once again to the Committee for a hearing entitled 'Proposa… Continue Reading
November 14, 2012
JOHNSON STATEMENT ON BASEL III OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing to discuss the proposed Basel III international banking rules. The Committee heard from representatives of the Federal Reserve, OCC, and FDIC. Below is Chairman Johnson's statement as prepared for delivery: "After the financial crisis, Congress passed Wall Street Reform into law, and asked our regulators to strengthen the financial sector by enhancing capital standards and prudential super… Continue Reading
August 1, 2012
JOHNSON HAILS PASSAGE OF TOUGH NEW IRAN SANCTIONS LEGISLATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised Senate passage of the Iran Threat Reduction and Syria Human Rights Act. The bipartisan, bicameral bill he coauthored will increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. The Senate passed the measure by unanimous consent tonight and earlier this evening the House passed the bill by a vote of 421-6. It will now be sent to President… Continue Reading
July 30, 2012
Johnson Announces Senate-House Agreement on Iran Sanctions Bill
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) announced a bicameral, bipartisan agreement on tough new sanctions legislation to increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. Chairman Johnson will work to help pass the bill in the Senate before Congress adjourns this week. "A nuclear-armed Iran would represent a grave threat to regional peace and international security," … Continue Reading
July 18, 2012
JOHNSON COMMENTS ON POLL SHOWING OVERWHELMING PUBLIC SUPPORT FOR WALL STREET REFORM
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding a poll conducted by Lake Research Partners that shows overwhelming bipartisan support for the Dodd-Frank Wall Street Reform and Consumer Protection Act. Nearly two years after Wall Street Reform was signed into law, 68% of Americans support the Wall Street Reform. The poll also found that 74% of Americans, regardless of political party affiliation, support the Consumer Financial Protectio… Continue Reading
July 13, 2012
CHAIRMAN JOHNSON COMMENTS ON JPMORGAN CLAWBACKS
WASHINGTON, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement after JPMorgan Chase and Company (JPMorgan) announced it would claw back compensation from employees involved in the massive trading loss at its Chief Investment Office. In June, Chairman Johnson called JPMorgan's CEO Jamie Dimon to testify on the trading loss and pressed him at the hearing to seek clawbacks from those responsible. "While details are still forthcoming, JPMorgan's ann… Continue Reading
July 10, 2012
CHAIRMAN JOHNSON ANNOUNCES COMMITTEE OVERSIGHT ACTIVITIES REGARDING LIBOR
WASHINGTON, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement outlining his plans for Committee oversight and due diligence regarding recent developments pertaining to the London interbank offered rate (LIBOR). LIBOR for the US dollar is currently set based on information provided by 18 global financial institutions, including several U.S. banks. LIBOR is used by financial institutions to set interest rates on a variety of financial products includ… Continue Reading
June 28, 2012
JOHNSON STATEMENT ON SURFACE TRANSPORTATION AGREEMENT
WASHINGTON - Today, Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson (D-SD) released the following statement in reaction to an agreement reached by Senate and House negotiators on a federal surface transportation reauthorization. "After intense and exhaustive negotiations our conference committee has reached agreement on a bill that will benefit every American. In my home state of South Dakota alone, this bill will support 10,000 jobs and across the country it w… Continue Reading
June 21, 2012
JOHNSON STATEMENT ON MONEY MARKET FUND HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Perspectives on Money Market Mutual Fund Reforms." Below is Chairman Johnson's statement as prepared for delivery: "Today, we are here to review the current state of regulations responsible for providing stability to the money market mutual funds and protecting investors. More than fifty million municipalities, companies, retail investors and others use money market mutual funds. There are $… Continue Reading
June 13, 2012
JOHNSON STATEMENT ON JPMORGAN HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. This hearing is part of the Banking Committee's ongoing oversight of the massive trading loss announced by J.P. Morgan Chase and the implications for risk management, bank supervision, and the Wall Street Reform Act. Since the an… Continue Reading
June 6, 2012
JOHNSON STATEMENT ON WALL STREET REFORM HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing with financial regulators and Treasury to discuss their progress in implementing provisions of the Wall Street Reform Act. The witnesses also updated the Committee on the recently reported trading loss by JPMorgan Chase. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. This hearing is part of the Committee's continued oversight of the implementation of th… Continue Reading
