Minority Press Releases

October 31, 2013

JOHNSON STATEMENT FOLLOWING MEETING WITH FEDERAL RESERVE CHAIRMAN NOMINEE JANET YELLEN

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement following a meeting with Dr. Janet L. Yellen, the President's nominee to be the next Chairman of the Board of Governors of the Federal Reserve System. "This afternoon, I had the opportunity to meet with Dr. Yellen. Our conversation reaffirmed that President Obama has picked an outstanding nominee to serve as the next Federal Reserve Chairman. Dr. Yellen is regarded as one of the pre-eminent economists of o… Continue Reading


October 31, 2013

JOHNSON STATEMENT ON CONGRESSMAN WATT VOTE

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) today released the following statement after the nomination of Congressman Mel Watt to serve as the Director of the Federal Housing Finance Agency was blocked from getting an up-or-down vote. "It is disappointing that a sitting member of Congress with over 40 years of relevant experience was denied an up-or-down vote by a minority of Senators today. It is not a secret that this vote was pure obstructionist politics at play. Th… Continue Reading


October 31, 2013

JOHNSON STATEMENT ON THE NEED FOR A GOVERNMENT GUARANTEE IN HOUSING FINANCE REFORM

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Essential Elements of a Government Guarantee for Mortgage-Backed Securities." Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "I would like to thank our witnesses for joining us to explore one of the fundamental questions of housing finance reform - the structure of the government guarantee for mortgage-backed securities.… Continue Reading


October 30, 2013

JOHNSON FLOOR STATEMENT CALLING ON THE SENATE TO CONFIRM REP. MEL WATT TO HEAD THE FHFA

WASHINGTON - This afternoon, Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate Floor to call on his colleagues to confirm Congressman Mel Watt as the Director of the Federal Housing Finance Agency. Below are Chairman Johnson's remarks as prepared for delivery. "Mr. President, I rise to speak in support of Congressman Mel Watt to serve as Director of the Federal Housing Finance Agency. "It has been over 5 years since the FHFA's inception and it still has never ha… Continue Reading


October 29, 2013

JOHNSON OPENING STATEMENT ON HOUSING FINANCE REFORM: ESSENTIALS OF A FUNCTIONING HOUSING FINANCE SYSTEM FOR CONSUMERS

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Essentials of a Functioning Housing Finance System for Consumers." Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "For many Americans, homeownership is a life-long dream and is often the biggest purchase a consumer will ever make. However, as became clear during the financial crisis, consumers face a comp… Continue Reading


October 29, 2013

JOHNSON STATEMENT ON MEL WATT

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) today released the following statement on cloture being filed on the nomination of Congressman Mel Watt to head the Federal Housing Finance Agency. "There is no legitimate reason Mel Watt should not be confirmed as the Director of the Federal Housing Finance Agency, and I look forward to the Senate vote on his nomination later this week. It is important to fill this role as soon as we can, so the agency can fully assist in hel… Continue Reading


October 10, 2013

JOHNSON OPENING STATEMENT ON THE IMPACT OF A DEFAULT ON FINANCIAL STABILITY AND ECONOMIC GROWTH

WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Impact of a Default on Financial Stability and Economic Growth." Below is Chairman Johnson's statement as prepared for delivery: "Good morning, I call this hearing to order. "This Committee has many important issues to consider, and plenty of challenges our constituents want us to solve together on a bipartisan basis. However, we find ourselves on Day 10 of a go… Continue Reading


October 9, 2013

JOHNSON WELCOMES NOMINATION OF JANET YELLEN TO BE FEDERAL RESERVE CHAIRMAN

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement on the expected nomination of Janet L. Yellen to be the next Chairman of the Board of Governors of the Federal Reserve System. "I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman. She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman. In addition to having more than a decad… Continue Reading


October 1, 2013

JOHNSON OPENING STATEMENT ON THE PRIVATE LABEL MORTGAGE BACKED SECURITIES MARKET HEARING

WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Fundamentals of a Functioning Private Label Mortgage Backed Securities Market." Below is Chairman Johnson's statement as prepared for delivery: "Good Morning. I call this hearing to order. "Today we meet to examine the private label mortgage backed securities market, the barriers that exist in the current market that prevent private cap… Continue Reading


September 25, 2013

JOHNSON STATEMENT AT TERRORISM RISK INSURANCE HEARING

WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market." Below is Chairman Johnson's statement as prepared for delivery: "Two weeks ago, we observed the 12th anniversary of the tragic September 11th terrorist attacks on our country. In the aftermath of the tragedy and after suffering steep losses, insurance companies stopped offering terrorism coverage… Continue Reading


September 19, 2013

JOHNSON STATEMENT ON HOUSING FINANCE REFORM HEARING

WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Essential Elements of Housing Finance Reform." Below is Chairman Johnson's statement as prepared for delivery: "I would like to thank the witnesses for joining us today as the committee sets out on a path that I hope will lead to comprehensive housing finance reform. Our witnesses are here to help educate us regarding what essential elements must be a part of housi… Continue Reading


August 1, 2013

JOHNSON STATEMENT ON SENATE CONFIRMATION OF NOMINEES

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement on the Senate's confirmation of Dr. Jason Furman, to be a Member and Chairman of the Council of Economic Advisers; Ms. Kara Stein and Dr. Michael Piwowar, to be Members of the Securities and Exchange Commission; The Honorable Richard Metsger, to be a Member of the National Credit Union Administration Board; and The Honorable Mary Jo White, to be a Member of the Securities and Exchange Commission fo… Continue Reading


July 31, 2013

JOHNSON & CRAPO STATEMENT ON COMMITTEE APPROVAL OF FHA SOLVENCY BILL

WASHINGTON - Today, the Senate Banking, Housing and Urban Affairs Committee approved Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo's (R-ID) bipartisan FHA Solvency Act of 2013 (S. 1376). The bill passed by a vote of 21-1, and included a manager's amendment incorporating proposals from Committee members from both parties that will further strengthen the FHA's books, better protect taxpayers, and ensure qualified borrowers continue to have access to credit. "This bill will give the… Continue Reading


July 30, 2013

JOHNSON STATEMENT ON FINANCIAL MARKETS OVERSIGHT HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Mitigating Systemic Risk in Financial Markets through Wall Street Reforms." The Committee heard from SEC Chair Mary Jo White, and CFTC Chairman Gary Gensler. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "Today we welcome Chair White and Chairman Gensler to update the Committee on important work underway at the SEC and CFTC to… Continue Reading


July 26, 2013

JOHNSON COMMENDS FINANCIAL REGULATORS' EFFORTS ON PRIVATE STUDENT LOANS

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency for their efforts to encourage financial institutions to work with private student borrowers experiencing financial difficulties. In a press release, the regulators provided guidance on how lenders can proceed with workout arrangements that benefit both borrowers and lenders in the long run. "At a Ba… Continue Reading


July 24, 2013

JOHNSON STATEMENT ON FHA SOLVENCY HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a legislative hearing on "The FHA Solvency Act of 2013." The Committee heard from U.S. Department of Housing and Urban Development Assistant Secretary Carol Galante. Below is Chairman Johnson's statement as prepared for delivery: "Thank you, Commissioner Galante, for joining us today to provide your insights and reaction to the FHA Solvency Act discussion draft Ranking Member Crapo and I have released. I want… Continue Reading


July 18, 2013

JOHNSON STATEMENT ON MONETARY POLICY HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Federal Reserve's Semiannual Monetary Policy Report to the Congress. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. Today we welcome Chairman Bernanke back to the Committee to deliver the Federal Reserve's semiannual Monetary Policy Report. "Nearly five years after the worst financial crisis since the Great Depression, the U.S. … Continue Reading


July 17, 2013

JOHNSON STATEMENT ON HOCHBERG CONFIRMATION

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation Fred Hochberg to be President and Chairman of the Export-Import Bank of the United States. "Fred Hochberg's confirmation for a second term is good news for American workers and businesses. After taking the helm of the Bank in the midst of the worst financial crisis since the Great Depression, Mr. Hochberg's leadership expanded financing for American exporters when pri… Continue Reading


July 16, 2013

CHAIRMAN JOHNSON STATEMENT ON CORDRAY CONFIRMATION

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation of Richard Cordray to be Director of the Consumer Financial Protection Bureau. "Three years ago this week, the Senate passed the Wall Street Reform Act to address the historic instability of our financial system. Turmoil in our financial system had revealed that many Americans were trapped with financial products they did not fully understand, and that no federal agen… Continue Reading


July 16, 2013

JOHNSON STATEMENT ON CORDRAY CLOTURE VOTE

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement following cloture being invoked on Richard Cordray's nomination to be the Director of the Consumer Financial Protection Bureau. "This is a win for the American people, and Majority Leader Reid should be commended for taking a principled stand in support of consumer protection. Rich Cordray is finally getting the up-or-down vote he deserves. Rich has proven to be effective leader and I have no doubt he w… Continue Reading

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