Minority Press Releases

February 7, 2013

JOHNSON WELCOMES BANKING SUBCOMMITTEE CHAIRS FOR 113TH CONGRESS

Johnson Welcomes Banking Subcommittee Chairs for 113th Congress WASHINGTON, DC - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) announced the following chairmanships for the Committee's subcommittees in the 113th Congress: Senator Robert Menendez (D-NJ) - Housing, Transportation, and Community Development Senator Sherrod Brown (D-OH) - Financial Institutions and Consumer Protection Senator Jon Tester (D-MT) - Securities, Insurance,… Continue Reading


January 29, 2013

JOHNSON CALLS FOR CONFIRMATION OF JACK LEW TO BE TREASURY SECRETARY

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) issued the following statement after meeting with Treasury Secretary nominee Jack Lew. "This afternoon I had the opportunity to meet with Treasury Secretary nominee Jack Lew," said Chairman Johnson. "We had a very good conversation and I have no doubt he will be an outstanding Treasury Secretary. He shares my commitment to sustaining and strengthening the economic recovery and providing certainty through implementation of Wa… Continue Reading


January 24, 2013

JOHNSON WELCOMES PRESIDENT OBAMA'S NOMINATIONS FOR TOP SPOTS AT THE CFPB AND SEC

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) issued a statement following President Obama's announcement that he will re-nominate Richard Cordray to be the Director of the Consumer Financial Protection Bureau (CFPB) and nominate Mary Jo White to be Chairman of the Securities and Exchange Commission (SEC). "Through numerous hearings, meetings and a trip to South Dakota, I have come to know Director Cordray, and I have a tremendous amount of respect and admiration for the … Continue Reading


December 11, 2012

JOHNSON TAKES TO FLOOR TO SUPPORT TAG EXTENSION

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) spoke on the Senate floor today to urge his colleagues to support passage of S. 3637, a temporary extension of the Transaction Account Guarantee (TAG) Program. Below are Chairman Johnson's remarks as prepared for delivery: "Mr. President, I want to express my support for S. 3637, a temporary extension of the Transaction Account Guarantee or TAG program. "The TAG program, which is administered by the FDIC for insured de… Continue Reading


December 11, 2012

JOHNSON STATEMENT ON RENTAL HOUSING ASSISTANCE HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Department of Housing and Urban Development's rental housing assistance programs. The Committee heard from HUD Assistant Secretary for Public and Indian Housing Sandra B. Henriquez. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "I would like to welcome the Honorable Sandra Henriquez once again to the Committee for a hearing entitled 'Proposa… Continue Reading


November 14, 2012

JOHNSON STATEMENT ON BASEL III OVERSIGHT HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing to discuss the proposed Basel III international banking rules. The Committee heard from representatives of the Federal Reserve, OCC, and FDIC. Below is Chairman Johnson's statement as prepared for delivery: "After the financial crisis, Congress passed Wall Street Reform into law, and asked our regulators to strengthen the financial sector by enhancing capital standards and prudential super… Continue Reading


August 1, 2012

JOHNSON HAILS PASSAGE OF TOUGH NEW IRAN SANCTIONS LEGISLATION

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised Senate passage of the Iran Threat Reduction and Syria Human Rights Act. The bipartisan, bicameral bill he coauthored will increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. The Senate passed the measure by unanimous consent tonight and earlier this evening the House passed the bill by a vote of 421-6. It will now be sent to President… Continue Reading


July 30, 2012

Johnson Announces Senate-House Agreement on Iran Sanctions Bill

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) announced a bicameral, bipartisan agreement on tough new sanctions legislation to increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. Chairman Johnson will work to help pass the bill in the Senate before Congress adjourns this week. "A nuclear-armed Iran would represent a grave threat to regional peace and international security," … Continue Reading


July 18, 2012

JOHNSON COMMENTS ON POLL SHOWING OVERWHELMING PUBLIC SUPPORT FOR WALL STREET REFORM

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding a poll conducted by Lake Research Partners that shows overwhelming bipartisan support for the Dodd-Frank Wall Street Reform and Consumer Protection Act. Nearly two years after Wall Street Reform was signed into law, 68% of Americans support the Wall Street Reform. The poll also found that 74% of Americans, regardless of political party affiliation, support the Consumer Financial Protectio… Continue Reading


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

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