Majority Press Releases
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
April 17, 2012
JOHNSON STATEMENT ON EXPORT-IMPORT BANK REAUTHORIZATION
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the need to reauthorize the Export-Import Bank of the United States, which supports 290,000 American jobs by helping finance the export of U.S. goods and services. The Committee heard from representatives of the U.S. Chamber of Commerce, the National Association of Manufacturers, the Small Business Exporters Association, and the International Association of Machinists and Aerospace Workers, and discussed t… Continue Reading
April 11, 2012
JOHNSON WELCOMES CFPB DIRECTOR RICH CORDRAY TO SOUTH DAKOTA
Director Cordray unveils "Know Before You Owe" student loan project to South Dakota students SIOUX FALLS, SD - Today, U.S. Senator Tim Johnson (D-SD) welcomed the Director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, to Sioux Falls. Director Cordray traveled to South Dakota at the invitation of Senator Johnson who is the Chairman of the Senate Banking Committee. While in South Dakota, Director Cordray unveiled a national initiative aimed at helping families understa… Continue Reading
April 2, 2012
CHAIRMAN JOHNSON SPEARHEADS LETTER TO FHFA ON REFINANCING PROPOSALS
Senators offer suggestions solicited by Acting Director DeMarco WASHINGTON - Late Friday, Senate Banking Committee Democrats, led by Chairman Tim Johnson (D-SD), wrote a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco, responding to his recent request for suggestions on steps FHFA can take to help facilitate more refinancing. The letter, signed by all twelve Committee Democrats, highlighted many of the proposals recommended to the Banking Committee by Republican … Continue Reading
