Majority Press Releases
JOHNSON OPENING STATEMENT ON INVESTOR PROTECTIONS HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Enhanced Investor Protection After the Financial Crisis." The Committee heard from industry experts, regulators and consumer advocates on investor protection provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Below is Chairman Johnson's statement as prepared for delivery: "Today, the Committee will examine "Enhanced Investor Protection After the Financial Crisis." Thi… Continue Reading
July 7, 2011
SENIOR BANKING COMMITTEE MEMBERS OPPOSE HOUSE REPUBLICAN CUTS TO PUBLIC TRANSPORTATION THAT COULD COST MORE THAN 140,000 JOBS
WASHINGTON - Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD), Housing, Transportation and Community Development Subcommittee Chairman Robert Menendez (D-NJ) and Vice Chair of the Democratic Conference Charles E. Schumer (D-NY) today issued a Banking Committee analysis showing that the House Surface Transportation proposal released this morning would cost more than 140,000 jobs as a result of cuts to transit funding. Earlier this morning, House Transportatio… Continue Reading
June 21, 2011
JOHNSON OPENING STATEMENT ON CYBERSECURITY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on cybersecurity and data protection in the financial sector. Below is Chairman Johnson's statement as prepared for delivery: "The Banking Committee meets today to hear testimony about data protection and cybersecurity issues in the financial sector. "Over the past 12 years, the Committee has enacted several pieces of legislation to protect consumer data held by financial institutions. Federal … Continue Reading
June 16, 2011
JOHNSON OPENING STATEMENT ON CREDIT UNION MEMBER BUSINESS LENDING HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Credit Unions: Member Business Lending." Below is Chairman Johnson's statement as prepared for delivery: "I want to welcome and thank our witnesses for being here today to testify on the issue of credit union member business lending. "Under the Federal Credit Union Act, credit unions are limited in the amount of business lending they are permitted to engage in. The aggregate amount of m… Continue Reading
June 14, 2011
JOHNSON OPENING STATEMENT ON SEC AND SIPC NOMINEES
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing to consider the nominations of Mr. Luis Aguilar and Mr. Daniel Gallagher to be members of the Securities and Exchange Commission, and Mr. Anthony Frank D'Agostino and Mr. Gregory Karawan to be directors of the Securities Investor Protection Corporation. Below is Chairman Johnson's statement as prepared for delivery: "Today we consider four individuals nominated to serve in positions on the Securitie… Continue Reading
June 9, 2011
JOHNSON OPENING STATEMENT ON NATIONAL FLOOD INSURANCE PROGRAM REAUTHORIZATION
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the reauthorization of the National Flood Insurance Program. Below is Chairman Johnson's statement as prepared for delivery: "Today, the Committee meets to examine the reauthorization of the National Flood Insurance Program. Currently, constituents from my home state of South Dakota are dealing with some of the worst flooding that the State has ever seen. When I was back in South Dakota last week, … Continue Reading
June 8, 2011
JOHNSON, SHELBY REACH BIPARTISAN AGREEMENT ON FRAMEWORK TO USE FROZEN LIBYAN ASSETS TO PROVIDE HUMANITARIAN AID TO LIBYAN PEOPLE
Washington, D.C. - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL) announced they will advance a bipartisan bill soon to allow the President to confiscate and distribute some of the frozen assets of Muammar Qaddafi's government to be used to provide humanitarian relief to the Libyan people. The ongoing revolution in Libya has nearly brought its economy to a halt and has precipitated a humanitarian crisis as supplies of food and basic medical … Continue Reading
June 8, 2011
CHAIRMAN JOHNSON’S FLOOR REMARKS IN SUPPORT OF THE TESTER AMENDMENT
WASHINGTON, D.C. - Senate Banking Committee Chairman Tim Johnson (D-SD) today gave the following floor statement in support of Senator Jon Tester's (D-MT) bipartisan amendment requiring further study of the debit interchange market before implementing the rule. Senator Tester's amendment would require the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration to conduct research and to take into accou… Continue Reading
June 7, 2011
JOHNSON ANNOUNCES INTENTION TO SUPPORT TESTER AMENDMENT
WASHINGTON, D.C. - Banking Committee Chairman Tim Johnson (D-SD) released the following statement announcing his intention to support Senator Jon Tester's bipartisan amendment to further study the debit interchange market prior to implementation of rules. Senator Tester's amendment would require the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration to conduct research and to take into account the… Continue Reading
June 6, 2011
JOHNSON STATEMENT ON PETER DIAMOND WITHDRAWING HIS NOMINATION TO THE FED
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement today commenting on the decision by Dr. Peter Diamond to withdraw his nomination to the Federal Reserve Board of Governors. Dr. Diamond was initially nominated by President Obama in April 2010, and his confirmation was blocked three times by Republican opposition. "With nearly 14 million Americans unemployed, it is disappointing Republicans would rather play politics than help bring the Federal… Continue Reading
May 19, 2011
JOHNSON OPENING STATEMENT ON TRANSIT REAUTHORIZATION HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Public Transportation: Priorities and Challenges for Reauthorization." The Committee heard from the Federal Transit Administration as well as industry experts. The Banking Committee is responsible for authorizing the transit portion of the federal surface transportation program. Below is Chairman Johnson's statement as prepared for delivery: "Today, the Committee holds its first hearing this… Continue Reading
May 17, 2011
JOHNSON OPENING STATEMENT ON EXPORT-IMPORT BANK HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Oversight and Reauthorization of the Export-Import Bank of the United States." 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. Below is Chairman Johnson's statement as prepared for delivery: "Today, the Committee welcomes the Chairman and President of the Export-Import… Continue Reading
May 16, 2011
BANKING COMMITTEE CHAIRMAN TIM JOHNSON CALLS ON CONGRESS TO RAISE THE DEBT CEILING TO AVOID AN ECONOMIC DISASTER
WASHINGTON - In response to Treasury Secretary Timothy Geithner's announcement that the government reached the debt ceiling today, Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement calling on Congress to act quickly to raise the debt ceiling to avoid unnecessary economic damage. "Failure to extend the debt ceiling promptly is irresponsible and will cause serious and unnecessary economic harm to our country. The federal government will be forced to default … Continue Reading
May 16, 2011
JOHNSON AND SHELBY COMMENT ON WASHINGTON POST HUD REPORTS
WASHINGTON - Today Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL) issued a statement responding to reports in the Washington Post alleging financial mismanagement at the U.S. Department of Housing and Urban Development. "We are deeply concerned by these reports, particularly at a time when so many Americans are in need of affordable housing. Many communities across the country have successfully used HUD programs to create vital housing opportuni… Continue Reading
May 12, 2011
JOHNSON OPENING STATEMENT ON FINANCIAL STABILITY AND SYSTEMIC RISK OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Committee heard from the Treasury Department, the Federal Reserve, FDIC, SEC, CFTC, and OCC to discuss their progress in implementing provisions of the Dodd-Frank Act related to monitoring systemic risk and promoting financial stability. "While we will never be able to anticipate every possible cause… Continue Reading
May 5, 2011
STATEMENT OF BANKING COMMITTEE CHAIRMAN TIM JOHNSON IN RESPONSE TO REPUBLICANS’ THREAT TO BLOCK ANY CFPB NOMINEE
WASHINGTON, D.C. - Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement in response to Senate Republicans' letter announcing their intention to block any nomination of a director to the Consumer Financial Protection Bureau (CFPB). "Republicans fought the creation of a strong consumer watchdog from the start, and now they are at it again. The truth is this bureau is already subject to greater checks and balances than any other financial regulator and this… Continue Reading
April 13, 2011
CHAIRMAN JOHNSON’S STATEMENT ON MORTGAGE SERVICERS SETTLEMENTS
WASHINGTON, D.C. - Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement regarding agreements reached between federal regulators and mortgage servicers addressing improper and fraudulent mortgage servicing practices. "Today's announcements are a step towards addressing the improper and fraudulent practices to which many of the country's largest mortgage servicers have admitted. These servicers disregarded laws and left American homeowners, including many activ… Continue Reading
April 12, 2011
JOHNSON OPENING STATEMENT ON DERIVATIVES OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Building the New Derivatives Regulatory Framework: Oversight of Title VII of the Dodd-Frank Act." The Committee heard testimony from regulators and market participants, and looked at the progress of the rulemaking required under the Dodd-Frank Act to improve the transparency and accountability of the U.S. derivatives market. Below is Chairman Johnson's statement as prepared for delivery: … Continue Reading
April 7, 2011
FOUR COMMITTEE CHAIRS SEND BICAMERAL, BIPARTISAN LETTER TO KEY REGULATORS URGING END-USER EXEMPTION
WASHINGTON - U.S. Senators Tim Johnson (D-SD) and Debbie Stabenow (D-MI) and U.S. Representatives Frank Lucas (R-OK) and Spencer Bachus (R-AL) sent a letter to U.S. Department of Treasury Secretary Timothy Geithner, Federal Reserve Board Chairman Ben Bernanke, U.S. Commodity Futures Trading Commission Secretary Gary Gensler, and U.S. Securities and Exchange Commission Mary Schapiro yesterday urging them to provide an exemption from margin requirements for end-user transactions. As the Chairs… Continue Reading
April 6, 2011
JOHNSON, SHELBY CALL ON PRESIDENT OBAMA TO NOMINATE TARP WATCHDOG REPLACEMENT
WASHINGTON D.C. - U.S. Senators Tim Johnson (D-SD) and Richard Shelby (R-AL), Chairman and Ranking Member of the Committee on Banking, Housing, and Urban Affairs, yesterday sent a letter to President Barack Obama urging him to quickly nominate a replacement for outgoing Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Neil Barofsky. "We cannot allow Mr. Barofsky's departure to mark the end of tough oversight of TARP. Billions of taxpayer dollars remain at stake," S… Continue Reading
