January 27, 2011


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 implementation of the Dodd-Frank Wall Street Reform and beginning housing finance reform.

I am committed to working with my colleagues on both sides of the aisle, the White House, regulators, consumer groups, industry and international regulators on oversight of reform. I will work to ensure our regulators have the right tools; that consumers have access, information, choice and protection; and that industry participants have certainty and rules that allow them to compete both at home and abroad.

The Administration’s recommendations on housing finance reform are expected to be released in the near future and that will generate discussion and help move the debate along. I look forward to an open dialogue to build consensus around a viable path forward. I do not want to further destabilize housing markets or make homeownership unaffordable for the majority of Americans.

As I have demonstrated throughout my career in Congress, I want to keep politics on the back burner and focus on good policy.

Most importantly, I look forward to working with the extremely talented and committed members of this Committee and hearing their voices as we restore our nation’s vibrant economy.

During my career, I have always tried to maintain a fair-minded, results-oriented approach to my work. It is true that I have never been the first to run toward the cameras, but I have never backed away from making tough decisions.

All the members of this Committee have a shared responsibility to find pragmatic solutions to the challenges before us. Congress must not shrink from its oversight responsibilities.

I am thankful and humbled at this new opportunity. I look forward to working with Ranking Member Shelby and all of my colleagues on the Committee to make this a productive session of Congress.

I would also like thank Chairman Dodd, who was an outstanding leader of the Committee in very difficult times. He shepherded the most significant financial legislation since the Great Depression through Congress. Chris is already missed in these hallways.