Majority Press Releases

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


May 30, 2012

PRESIDENT SIGNS EXPORT-IMPORT BANK REAUTHORIZATION INTO LAW

Local South Dakota Business Attends White House Bill Signing Ceremony WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) commended President Obama on signing the Export-Import Bank Reauthorization Act (H.R. 2072) into law. The legislation signed into law today is the product of a bipartisan compromise based on a framework developed by Chairman Johnson and unanimously approved in the Senate Banking Committee last year. The new law authorizes the Export-Import Bank until 20… Continue Reading


May 22, 2012

JOHNSON STATEMENT ON DERIVATIVES REFORM HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) chaired a hearing on the implementation of derivatives provisions in the Wall Street Reform Act. The Committee heard from SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler. Below is Chairman Johnson's statement as prepared for delivery: "Today we will review the progress being made to reduce systemic risk and improve oversight of the derivatives market. But before we get to the main subject of this hearing,… Continue Reading


May 21, 2012

JOHNSON, SHELBY PRAISE SENATE PASSAGE OF IRAN SANCTIONS LEGISLATION

WASHINGTON - Today, the Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL) praised the passage of the Iran Sanctions, Accountability and Human Rights Act of 2012 in the full Senate. The bill, which passed with unanimous bipartisan support, will put further economic pressure on Iran's leaders to abandon their illicit nuclear program and support for international terrorism. "With these new sanctions, as negotiations on Iran's nuclear program are renew… Continue Reading


May 17, 2012

CHAIRMAN JOHNSON TO INVITE JPMORGAN CHASE’S JAMIE DIMON TO TESTIFY

WASHINGTON -- Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement regarding the Committee's upcoming oversight hearings. "Earlier this week, I announced the Senate Banking Committee would continue its oversight of the implementation of Wall Street reform by holding additional hearings with key financial regulators. The first of these hearings will be held next Tuesday, May 22 and it will provide Banking Committee members the opportunity… Continue Reading


May 17, 2012

JOHNSON APPLAUDS SENATE CONFIRMATION OF FEDERAL RESERVE NOMINEES

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the Senate confirmation of Jay Powell and Jeremy Stein to be governors of the Federal Reserve Board. "By coming together to confirm these two well-qualified individuals, we have ensured the nation has a Federal Reserve Board operating at full strength, with strong leaders working to solidify our economic recovery and help prevent another financial crisis," said Chairman Johnson. "The… Continue Reading


May 15, 2012

JOHNSON APPLAUDS PASSAGE OF EXPORT-IMPORT BANK REAUTHORIZATION

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) applauded the passage of the Export-Import Bank Reauthorization Act (H.R. 2072) by a vote of 78 to 20. The bill authorizes the Export-Import Bank until 2014, and will help provide U.S. exporters with the financing to sell their products and compete in the global marketplace. "By reauthorizing the Export-Import Bank we have taken an important step in supporting American businesses and workers," said Johnson. "A failure to reaut… Continue Reading


May 15, 2012

JOHNSON TAKES TO SENATE FLOOR TO SUPPORT EX-IM REAUTHORIZATION

WASHINGTON - Today Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate floor to call on his colleagues to vote against amendments and quickly pass bipartisan Export-Import Bank reauthorization legislation. Below are Chairman Johnson's remarks as prepared for delivery: "Mr. President: I rise today in support of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012. After too much delay, it is time for the Senate to pass this bill. "The Export-Import Bank su… Continue Reading


May 14, 2012

CHAIRMAN JOHNSON ANNOUNCES ADDITIONAL WALL STREET REFORM IMPLEMENTATION HEARINGS

WASHINGTON -- Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement on upcoming Wall Street reform implementation hearings. "Over the next few weeks, the Senate Banking Committee will continue its oversight of the implementation of Wall Street reform by holding additional hearings with key financial regulators. These hearings will provide Banking Committee members the opportunity to hear from and question witnesses from the SEC and CFTC o… Continue Reading


May 11, 2012

JOHNSON REACTS TO J.P. MORGAN’S $2 BILLION TRADING LOSS

WASHINGTON - Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement in reaction to news of J.P. Morgan's $2 billion trading loss. "The unfortunate news of J.P. Morgan's $2 billion trading loss confirms two things. First, the good: Market reaction so far shows that the financial system and the bank itself are stronger today than in 2008, thanks to improvements adopted after the financial crisis including the Wall Street Reform Act. Second: … Continue Reading


May 10, 2012

JOHNSON CALLS FOR SWIFT PASSAGE OF THE BIPARTISAN EXPORT-IMPORT BANK REAUTHORIZATION ON THE SENATE FLOOR

WASHINGTON - Today Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate floor to call on his colleagues to quickly pass bipartisan Export-Import Bank Reauthorization legislation which supports nearly 300,000 American jobs. The Export-Import Bank is the official export credit agency of the United States and it assists in financing the export of U.S. goods and services to international markets. Chairman Johnson was the author of similar legislation in the Senate that was used as… Continue Reading


May 8, 2012

JOHNSON STATEMENT ON THE OPENING OF THE TRANSPORTATION CONFERENCE

WASHINGTON - Today, Senate and House negotiators opened a conference committee to work out differences between the Senate- and House-passed bills dealing with the federal surface transportation reauthorization. As Chairman of the Senate Banking, Housing, and Urban Affairs Committee, which is responsible for authorizing the transit portion of the federal surface transportation program, Senator Johnson was named one of the conferees. The Banking Committee's public transportation piece of the bi… Continue Reading


May 8, 2012

JOHNSON OPENING STATEMENT ON MORTGAGE REFINANCING HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Expanding Refinancing Opportunities to Improve the Housing Market." The Committee heard from HUD Secretary Shaun Donovan, discussed the state of the housing market and explored potential legislative and regulatory options to help responsible homeowners refinance their mortgages and avoid foreclosure. Below is Chairman Johnson's statement as prepared for delivery: "Our housing market faces d… Continue Reading


April 26, 2012

JOHNSON OPENING STATEMENT ON HUD BUDGET HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Legislative Proposals in the U.S. Department of Housing and Urban Development's FY 2013 Budget." Below is Chairman Johnson's statement as prepared for delivery: "I am pleased to once again welcome HUD Secretary Shaun Donovan to the Committee to discuss the Administration's budget request and HUD's legislative agenda. "Secretary Donovan, while we have seen economic improvement since you… Continue Reading


April 24, 2012

JOHNSON OPENING STATEMENT ON MF GLOBAL HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "The Collapse of MF Global: Lessons Learned and Policy Implications." The Committee examined the policy questions raised by the collapse of MF Global, and discussed ways to improve regulatory oversight and better protect customer funds in the future. Below is Chairman Johnson's statement as prepared for delivery: "Today's hearing will examine the lessons learned from the collapse of MF Globa… Continue Reading

Showing page   of 89