Majority Press Releases
JOHNSON RESPONDS TO RYAN’S ATTACKS ON WALL STREET REFORM
WASHINGTON, D.C. - Banking Committee Chairman Tim Johnson issued the following statement in response to House Budget Committee Chairman Paul Ryan's (R-WI) erroneous claims regarding the Dodd-Frank Wall Street Reform and Consumer Protection Act. "Let's be clear, the House Republicans' attacks on the Wall Street Reform law have nothing to do with cutting the budget - CBO predicted that the law would reduce deficits by $3.2 billion over ten years - and everything to do with gutting consumer an… Continue Reading
March 31, 2011
JOHNSON OPENING STATEMENT ON PUBLIC PROPOSALS FOR HOUSING FINANCE REFORM HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Public Proposals for the Future of the Housing Finance System." The hearing was part of the Committee's ongoing discussion regarding the future of the American housing finance system. Below is Chairman Johnson's statement as prepared for delivery: "As we begin this hearing, I am reminded of the former Chairman's farewell speech on the Senate floor. He challenged Senators to rise to the exp… Continue Reading
March 16, 2011
JOHNSON STATEMENT ON HOUSING REFORM HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "The Administration's Report to Congress: Reforming America's Housing Finance Market." Below is Chairman Johnson's statement as prepared for delivery: "I would like to thank Secretary Geithner and Secretary Donovan for coming before the Committee to discuss the Administration's white paper: Reforming America's Housing Finance Market. In February, I issued a committee agenda which stated ho… Continue Reading
March 10, 2011
SENIOR BANKING COMMITTEE MEMBERS FIGHT TO BOOST WALL STREET WATCHDOGS
WASHINGTON -US Senator Robert Menendez (D-New Jersey), a member of the Senate Banking Committee, joined with Banking Committee Chairman Tim Johnson (D-SD) and Chairman of the Subcommittee on Securities, Insurance, and Investment Senator Jack Reed (D-RI) to call on Congress to provide Wall Street regulators with the resources they need to hold Wall Street accountable and protect middle class investments. The Senators released a letter today to the Senate Appropriations Chairs and Subcommittee Cha… Continue Reading
March 9, 2011
JOHNSON STATEMENT ON HOUSING MARKET HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the state of the nation's housing market. The Committee heard from industry leaders and experts, and discussed the current condition and challenges facing the housing market. "The housing sector remains in turmoil," said Chairman Johnson. "Today we see decreasing property values eroding homeowners' equity, rampant foreclosures devastating neighborhoods, and a falling homeownership rate that threatens … Continue Reading
March 8, 2011
JOHNSON STATEMENT ON FED AND CEA NOMINEES
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing to consider one nomination to the Federal Reserve Board of Governors, and two nominations to the Council of Economic Advisers. The Committee heard testimony from Dr. Peter Diamond, nominee to the Federal Reserve System Board of Governors, as well as Doctors Katharine Abraham and Carl Shapiro, nominees to the Council of Economic Advisers. "At present, our economy is recovering from one of the worst dow… Continue Reading
March 1, 2011
JOHNSON STATEMENT ON SEMIANNUAL MONETARY POLICY REPORT
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Federal Reserve Bank's Semiannual Monetary Report to the Congress. The Committee heard from Fed Chairman Ben Bernanke, and discussed the ongoing economic recovery. "I am pleased that our economy continues to show positive signs of recovery - 2.8 percent growth in 2010 is a start," said Chairman Johnson. "But I remain concerned about sustaining the recovery and being able to strike the right balanc… Continue Reading
February 17, 2011
JOHNSON STATEMENT ON DODD-FRANK IMPLEMENTATION HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held his first official hearing as chairman, and laid out his agenda for the 112th Congress. At the hearing, the Committee heard from regulators including Federal Reserve Chairman Ben Bernanke about their progress in implementing the Dodd-Frank Wall Street Reform Act. "There is important work ahead of us," said Chairman Johnson. "I am committed to an agenda that will bolster our economic recovery, make our financi… Continue Reading
February 11, 2011
JOHNSON STATEMENT ON HOUSING FINANCE REPORT
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement on the housing finance report released by the Treasury Department and the Department of Housing and Urban Development. "Maintaining a functioning housing finance system is an important part of the continuing economic recovery and one of my top priorities. I welcome the Administration's white paper which adds valuable insight to the ongoing conversation." "I am reviewing the new report… Continue Reading
January 27, 2011
JOHNSON COMMENTS ON BANKING COMMITTEE CHAIRMANSHIP
Washington, DC-U.S. Senator Tim Johnson (D-SD) today released this statement after being named Chairman of the Senate Committee on Banking, Housing, and Urban Affairs: As we continue to come out of the worst recession since the Great Depression, I am committed to an agenda to restore our economy, make our financial regulations world class, and ensure that consumers and investors are meaningfully protected. From the perspective of the Banking Committee, this will include overseeing the im… Continue Reading
December 21, 2010
BIPARTISAN AFFORDABLE HOUSING BILL FOR INDIVIDUALS WITH DISABILITIES SENT TO PRESIDENT OBAMA TO BE SIGNED INTO LAW
WASHINGTON, D.C. - After quick approval in the U.S. Senate on Friday, ushered through by Connecticut Senator Chris Dodd (D-CT), today the U.S. House of Representatives passed and sent to President Obama to sign Congressman Chris Murphy's (CT-5) legislation to provide thousands of new affordable housing units for low income, disabled individuals across the country. "Too many extremely low income people with disabilities in Connecticut go without one of their most basic needs - a home. I'm thr… Continue Reading
December 1, 2010
DODD STATEMENT ON PROBLEMS WITH MORTGAGE SERVICING FROM MODIFICATION TO FORECLOSURE PART II
WASHINGTON - Today Senator Chris Dodd (D-CT) chaired his last Banking Committee hearing. It was the second in a series of oversight hearings investigating widespread problems in the mortgage servicing industry. The Committee heard testimony from regulators, industry experts, and executives from Fannie Mae and Freddie Mac. The hearing explored what steps the regulators have taken to supervise mortgage servicers, and the steps they are now taking to correct the problems and protect borrowers and i… Continue Reading
November 17, 2010
DODD STATEMENT ON PROBLEMS WITH MORTGAGE SERVICING FROM MODIFICATION TO FORECLOSURE
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held an oversight hearing investigating problems in the mortgage servicing industry. The Committee heard testimony from state officials, industry executives, and experts in law and consumer protection, and explored how mortgage servicing practices may have prevented modifications and even resulted in unjustifiable foreclosures. "More than a month ago, the robosigning scandal hit the press," said Chairman Dodd. "Many in th… Continue Reading
November 8, 2010
DODD DELIVERS A KEYNOTE ADDRESS AT SIFMA'S ANNUAL MEETING
NEW YORK - Today, Senate Banking Committee Chairman Chris Dodd (D-CT) delivered a keynote address at the Securities Industry and Financial Markets Association's (SIFMA) 2010 Annual Meeting in New York City. In his remarks, Senator Dodd explained how the Dodd-Frank Wall Street Reform and Consumer Protection Act will create a sound economic foundation by protecting consumers, ending too big to fail bailouts, creating an early warning system to detect the next financial crises before it can take … Continue Reading
October 8, 2010
DODD ANNOUNCES HEARING TO INVESTIGATE MORTGAGE SERVICING AND FORECLOSURE PRACTICES
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) announced that the Committee will hold a hearing on Tuesday, November 16, to investigate allegations of improper and fraudulent mortgage servicing and foreclosure processing. "American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud," said Chairman Dodd. "I am deeply troubled by recent revelations and allegations of practices by some of the nation's largest lenders… Continue Reading
September 30, 2010
DODD STATEMENT ON IMPLEMENTATION OF DODD-FRANK ACT
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held an oversight hearing on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. "Today, I believe we can say that, thanks to the hard work of Democrats and Republicans on this committee-and with the sage counsel of our witnesses and many others whose perspectives we have considered carefully-we have delivered the reform our financial system needs and provided the American people with the … Continue Reading
September 22, 2010
DODD STATEMENT ON STANFORD PONZI SCHEME HEARING
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing on the Securities and Exchange Commission's investigation and response to R. Allen Stanford's alleged Ponzi scheme. The Committee heard testimony from SEC officials about what went wrong, as well as what steps the agency is taking to prevent future financial frauds and restore investor confidence. "In February of 2009, the SEC charged Robert Allen Stanford and several associates with orchestrating an eight … Continue Reading
September 22, 2010
DODD STATEMENT ON NATIONAL FLOOD INSURANCE PROGRAM HEARING
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) held a hearing entitled "Reauthorization of the National Flood Insurance Program." The Committee explored options to strengthen the program, protect American families and businesses, and ensure the program's future financial stability. "The NFIP is an important program providing a range of benefits to deal with an often overlooked, but serious, threat," said Chairman Dodd. "Floods cause more damage and create more econom… Continue Reading
September 21, 2010
DODD STATEMENT ON NATIONAL INFRASTRUCTURE BANK HEARING
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) released the following statement on the hearing "Investing in Infrastructure: Creating Jobs and Growing the Economy." The hearing explored the benefits of creating a National Infrastructure Bank that would fund critical national and regional projects to upgrade infrastructure such as roads, bridges, transit and water systems across the United States. "A National Infrastructure Bank will build on our nation's legacy of bo… Continue Reading
September 17, 2010
DODD STATEMENT ON ELIZABETH WARREN
WASHINGTON - Today Senate Banking Committee Chairman Chris Dodd (D-CT) made the following statement on President Obama naming Elizabeth Warren as Assistant to the President and Special Advisor to the Treasury Secretary on the Consumer Financial Protection Bureau. "I spoke with Elizabeth Warren this morning and congratulated her on her appointment to the President's staff. Ms. Warren has proven to be a strong, qualified, and terrific watchdog and I have no doubt her advice will help move this… Continue Reading
