Majority Press Releases
JOHNSON OPENING STATEMENT ON THE IMPACT OF A DEFAULT ON FINANCIAL STABILITY AND ECONOMIC GROWTH
WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Impact of a Default on Financial Stability and Economic Growth." Below is Chairman Johnson's statement as prepared for delivery: "Good morning, I call this hearing to order. "This Committee has many important issues to consider, and plenty of challenges our constituents want us to solve together on a bipartisan basis. However, we find ourselves on Day 10 of a go… Continue Reading
October 9, 2013
JOHNSON WELCOMES NOMINATION OF JANET YELLEN TO BE FEDERAL RESERVE CHAIRMAN
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement on the expected nomination of Janet L. Yellen to be the next Chairman of the Board of Governors of the Federal Reserve System. "I commend President Obama on his selection of Dr. Yellen to be the first woman to serve as Federal Reserve Chairman. She has a depth of experience that is second to none, and I have no doubt she will be an excellent Federal Reserve Chairman. In addition to having more than a decad… Continue Reading
October 1, 2013
JOHNSON OPENING STATEMENT ON THE PRIVATE LABEL MORTGAGE BACKED SECURITIES MARKET HEARING
WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Housing Finance Reform: Fundamentals of a Functioning Private Label Mortgage Backed Securities Market." Below is Chairman Johnson's statement as prepared for delivery: "Good Morning. I call this hearing to order. "Today we meet to examine the private label mortgage backed securities market, the barriers that exist in the current market that prevent private cap… Continue Reading
September 25, 2013
JOHNSON STATEMENT AT TERRORISM RISK INSURANCE HEARING
WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Reauthorizing TRIA: The State of the Terrorism Risk Insurance Market." Below is Chairman Johnson's statement as prepared for delivery: "Two weeks ago, we observed the 12th anniversary of the tragic September 11th terrorist attacks on our country. In the aftermath of the tragedy and after suffering steep losses, insurance companies stopped offering terrorism coverage… Continue Reading
September 19, 2013
JOHNSON STATEMENT ON HOUSING FINANCE REFORM HEARING
WASHINGTON - Today, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) held a hearing titled "Essential Elements of Housing Finance Reform." Below is Chairman Johnson's statement as prepared for delivery: "I would like to thank the witnesses for joining us today as the committee sets out on a path that I hope will lead to comprehensive housing finance reform. Our witnesses are here to help educate us regarding what essential elements must be a part of housi… Continue Reading
August 1, 2013
JOHNSON STATEMENT ON SENATE CONFIRMATION OF NOMINEES
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement on the Senate's confirmation of Dr. Jason Furman, to be a Member and Chairman of the Council of Economic Advisers; Ms. Kara Stein and Dr. Michael Piwowar, to be Members of the Securities and Exchange Commission; The Honorable Richard Metsger, to be a Member of the National Credit Union Administration Board; and The Honorable Mary Jo White, to be a Member of the Securities and Exchange Commission fo… Continue Reading
July 31, 2013
JOHNSON & CRAPO STATEMENT ON COMMITTEE APPROVAL OF FHA SOLVENCY BILL
WASHINGTON - Today, the Senate Banking, Housing and Urban Affairs Committee approved Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo's (R-ID) bipartisan FHA Solvency Act of 2013 (S. 1376). The bill passed by a vote of 21-1, and included a manager's amendment incorporating proposals from Committee members from both parties that will further strengthen the FHA's books, better protect taxpayers, and ensure qualified borrowers continue to have access to credit. "This bill will give the… Continue Reading
July 30, 2013
JOHNSON STATEMENT ON FINANCIAL MARKETS OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Mitigating Systemic Risk in Financial Markets through Wall Street Reforms." The Committee heard from SEC Chair Mary Jo White, and CFTC Chairman Gary Gensler. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. "Today we welcome Chair White and Chairman Gensler to update the Committee on important work underway at the SEC and CFTC to… Continue Reading
July 26, 2013
JOHNSON COMMENDS FINANCIAL REGULATORS' EFFORTS ON PRIVATE STUDENT LOANS
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency for their efforts to encourage financial institutions to work with private student borrowers experiencing financial difficulties. In a press release, the regulators provided guidance on how lenders can proceed with workout arrangements that benefit both borrowers and lenders in the long run. "At a Ba… Continue Reading
July 24, 2013
JOHNSON STATEMENT ON FHA SOLVENCY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a legislative hearing on "The FHA Solvency Act of 2013." The Committee heard from U.S. Department of Housing and Urban Development Assistant Secretary Carol Galante. Below is Chairman Johnson's statement as prepared for delivery: "Thank you, Commissioner Galante, for joining us today to provide your insights and reaction to the FHA Solvency Act discussion draft Ranking Member Crapo and I have released. I want… Continue Reading
July 18, 2013
JOHNSON STATEMENT ON MONETARY POLICY HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Federal Reserve's Semiannual Monetary Policy Report to the Congress. Below is Chairman Johnson's statement as prepared for delivery: "Good morning. I call this hearing to order. Today we welcome Chairman Bernanke back to the Committee to deliver the Federal Reserve's semiannual Monetary Policy Report. "Nearly five years after the worst financial crisis since the Great Depression, the U.S. … Continue Reading
July 17, 2013
JOHNSON STATEMENT ON HOCHBERG CONFIRMATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation Fred Hochberg to be President and Chairman of the Export-Import Bank of the United States. "Fred Hochberg's confirmation for a second term is good news for American workers and businesses. After taking the helm of the Bank in the midst of the worst financial crisis since the Great Depression, Mr. Hochberg's leadership expanded financing for American exporters when pri… Continue Reading
July 16, 2013
CHAIRMAN JOHNSON STATEMENT ON CORDRAY CONFIRMATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the confirmation of Richard Cordray to be Director of the Consumer Financial Protection Bureau. "Three years ago this week, the Senate passed the Wall Street Reform Act to address the historic instability of our financial system. Turmoil in our financial system had revealed that many Americans were trapped with financial products they did not fully understand, and that no federal agen… Continue Reading
July 16, 2013
JOHNSON STATEMENT ON CORDRAY CLOTURE VOTE
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement following cloture being invoked on Richard Cordray's nomination to be the Director of the Consumer Financial Protection Bureau. "This is a win for the American people, and Majority Leader Reid should be commended for taking a principled stand in support of consumer protection. Rich Cordray is finally getting the up-or-down vote he deserves. Rich has proven to be effective leader and I have no doubt he w… Continue Reading
July 16, 2013
JOHNSON STATEMENT ON DEFENSE PRODUCTION ACT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing on the Defense Production Act. The Committee discussed the upcoming reauthorization of the DPA and considered how to ensure that domestic industry can meet national defense production requirements. The Committee heard from officials from the Department of Defense, Department of Commerce, and Federal Emergency Management Agency. Below is Chairman Johnson's statement as prepared for delivery: … Continue Reading
July 15, 2013
JOHNSON AND CRAPO UNVEIL DISCUSSION DRAFT OF FHA SOLVENCY ACT
Senate Committee on Banking, Housing, and Urban Affairs For Immediate Release Monday, July 15, 2013 Contact: Sean Oblack/Sam Gilford (Johnson) 202-224-7391 Mandi Critchfield (Crapo) 202-224-1576 Johnson, Crapo Unveil Discussion Draft of FHA Solvency Act Of 2013 Bipartisan compromise measure will ensure stability in the mortgage market and protect taxpayers WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released a d… Continue Reading
July 11, 2013
BANKING COMMITTEE DEMOCRATS URGE MCCONNELL TO ALLOW VOTE ON CORDRAY NOMINATION
WASHINGTON - Chairman Tim Johnson (D-SD) and the eleven other Democratic members of the Senate Banking Committee today sent a letter to Senate Republican Leader Mitch McConnell asking that Republicans end their filibuster of Richard Cordray's nomination to be Director of the CFPB, and allow an up-or-down vote on his confirmation. The letter came after Senate Majority Leader Harry Reid filed cloture on Cordray's nomination, which Republicans have been blocking since 2011. "While we may contin… Continue Reading
July 11, 2013
JOHNSON AND CRAPO REACH AGREEMENT ON BIPARTISAN FHA SOLVENCY BILL
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released the following statement announcing they have reached a bipartisan agreement on legislation to ensure the solvency of the Federal Housing Administration. "Earlier this year, we agreed that the Committee would first address the issues facing the solvency of FHA before turning to comprehensive housing finance reform legislation. After months of hard work we have reached bipart… Continue Reading
July 11, 2013
JOHNSON STATEMENT ON SYSTEMIC RISK OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Mitigating Systemic Risk Through Wall Street Reforms." The Committee heard from representatives of the nation's financial regulators and the Department of Treasury about the progress they are making on reform provisions that improve financial stability, mitigate systemic risk and address concerns that any of the nation's largest financial institutions remain "too big to fail. Below is Chairman Joh… Continue Reading
June 25, 2013
JOHNSON STATEMENT ON HOUSING FINANCE REFORM PROPOSAL
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released a statement on the introduction of the Housing Finance Reform and Taxpayer Protection Act. "I thank Senators Corker and Warner for furthering the discussion and debate surrounding housing finance reform with this proposal," said Chairman Johnson. "Reforming the nation's housing finance system is critical to the long-term health and stability of the American economy, and Ranking Member Crapo and I plan to turn t… Continue Reading
