Minority Press Releases

August 8, 2011

JOHNSON REACTS TO S&P DOWNGRADE

Today, Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson (D-SD) issued the following statement on the market reaction to Standard & Poor's downgrade of U.S. Treasuries. "In the minds of serious, reasonable, and informed individuals there is no doubt that the U.S. will meet its debt obligations and we are seeing even more proof of that today. As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncerta… Continue Reading


August 2, 2011

JOHNSON OPENING STATEMENT ON MORTGAGE SERVICING HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing to discuss national mortgage servicing standards. It was the eighth in a series of hearings the Committee has been holding related to housing finance reform. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "Thanks to all of our witnesses for joining us this morning. I would also like to recognize that, for the first time, we have a wit… Continue Reading


July 26, 2011

JOHNSON OPENING STATEMENT ON FDIC, OCC, FSOC NOMINATION HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the nominations of Martin Gruenberg to be Chairperson of the Board of the FDIC, Thomas Curry to be Comptroller of the Currency, and Roy Woodall, Jr. to be a Member of the Financial Stability Oversight Council. Below is Chairman Johnson's statement as prepared for delivery: "Thanks to all of our nominees for joining us here today. I also want to extend a warm welcome to our witnesses' family and fr… Continue Reading


July 26, 2011

JOHNSON OPENING STATEMENT ON WALL STREET REFORM ANNIVERSARY HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the one-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Below is Chairman Johnson's statement as prepared for delivery: "Today marks the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. "The Wall Street Reform Act was a direct response to the worst financial crisis since the Great Depression. It created a sound regulatory… Continue Reading


July 19, 2011

JOHNSON ANNOUNCES THAT REP. FRANK WILL TESTIFY ON THE FIRST ANNIVERSARY OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) announced that Representative Barney Frank (D-MA) has accepted his invitation to testify at a Banking Committee hearing marking the first anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act being signed into law. Thursday's hearing will examine the progress in setting up the new framework to better protect consumers and oversee Wall Street. "Barney is an author of the Dodd-Frank law and someone… Continue Reading


July 19, 2011

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. The poll found that voters favor full implementation of the Wall Street Reform Act by a 3 to 1 margin. The poll also found that 74% of voters, including 68% of Republicans, support the creation of a single agency solely focused on consu… Continue Reading


July 19, 2011

JOHNSON OPENING STATEMENT ON CONSUMER PROTECTION HEARING

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "Enhanced Consumer Financial Protection After the Financial Crisis." The Committee heard testimony about how the Wall Street Reform Act will improve the financial lives of consumers, by promoting a fair and transparent marketplace and protecting consumers from unfair, deceptive and abusive financial products and services. Below is Chairman Johnson's statement as prepared for delivery: "Today… Continue Reading


July 18, 2011

JOHNSON TAKES TO FLOOR TO MARK ANNIVERSARY OF WALL STREET REFORM

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate floor today to speak about the importance of Wall Street reform and the costs of the financial crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010, one year ago this Thursday. Below is Chairman Johnson's statement as prepared for delivery: Mr. President, Thursday marks the first anniversary of President Obama signing the Dodd-Frank Wall Street Reform… Continue Reading


July 17, 2011

JOHNSON STATEMENT ON THE NOMINATION OF RICHARD CORDRAY TO BE THE DIRECTOR OF THE CONSUMER FINANCIAL PROTECTION BUREAU

WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement on the nomination of Richard Cordray to be the first Director of the Consumer Financial Protection Bureau. "I welcome the President's nomination of Richard Cordray to be the first ever Director of the Consumer Financial Protection Bureau. As Director, I am confident Mr. Cordray will help ensure the CFPB provides consumers the tools that they need to make the best possible financial decisions for… Continue Reading


July 14, 2011

JOHNSON STATEMENT ON SEMI-ANNUAL MONETARY REPORT TO THE CONGRESS

WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Federal Reserve's semi-annual monetary policy report to the Congress. The committee heard testimony from Federal Reserve Chairman Ben Bernanke. Below is Chairman Johnson's statement as prepared for delivery: "We are pleased to welcome Chairman Bernanke, who today will deliver the Federal Reserve's semi-annual monetary report to the Congress. "His testimony comes at an important moment. W… Continue Reading


July 12, 2011

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

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