JOHNSON HOLDS WALL STREET REFORM HEARING
WASHINGTON – Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.”
Below is Chairman Johnson’s statement as prepared for delivery:
“I call this hearing to order. Today I welcome back the financial regulators for another one of our many Wall Street Reform oversight hearings in this Committee since the enactment of the law. You all have been busy over August as you continued to make progress in completing rulemakings to implement Wall Street Reform. I thank you and your staffs for your hard work.
“I strongly believe today, as I did in 2010, that Wall Street Reform was the appropriate response at the time to the financial crisis. We can already see the benefits—we have an enhanced system of regulation for our largest banks and non-bank financial companies; we have greater transparency and oversight for derivatives; we have a dedicated and accountable watchdog focused on better protecting consumers; we have strengthened coordination between regulators; and we have new ways to monitor threats to financial stability.
“As we all know, the road to implementing Wall Street Reform has been long and it has not always been easy. This is especially true for regulators trying to work together to write effective rules for an increasingly complex and global financial system. For some, this work has been done while Congress has not provided adequate funding. Proposed rules have not always been met with open arms from Congress, industry or consumer groups. However, through robust and constant oversight, members of this Committee have had the opportunity to express their views, and each of you and your agencies have listened. Because of it, the finalized rules are stronger.
“Going forward, as we get farther away from the crisis and calls to water down Wall Street Reform grow louder, policymakers cannot forget the lessons from the crisis and how costly a weak regulatory system can be. Our financial system is strongest when we have tough but fair oversight to provide a level playing field for all financial firms to better serve their clients.
“Today, I look forward to hearing from the witnesses their next steps to complete the remaining Wall Street Reform rulemakings. Because of your diligent work, our financial institutions are stronger, our economy is more stable, and the rest of the world is looking to us when it comes to strong financial regulation. This is a vast improvement from where our country was before and during the financial crisis.”
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