Minority Press Releases

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


April 6, 2011

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

Showing page   of 56