Majority Press Releases
JOHNSON STATEMENT ON RENTAL HOUSING ASSISTANCE HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing on the Department of Housing and Urban Development's rental housing assistance programs. The Committee heard from HUD Assistant Secretary for Public and Indian Housing Sandra B. Henriquez. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. "I would like to welcome the Honorable Sandra Henriquez once again to the Committee for a hearing entitled 'Proposa… Continue Reading
November 14, 2012
JOHNSON STATEMENT ON BASEL III OVERSIGHT HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held an oversight hearing to discuss the proposed Basel III international banking rules. The Committee heard from representatives of the Federal Reserve, OCC, and FDIC. Below is Chairman Johnson's statement as prepared for delivery: "After the financial crisis, Congress passed Wall Street Reform into law, and asked our regulators to strengthen the financial sector by enhancing capital standards and prudential super… Continue Reading
August 1, 2012
JOHNSON HAILS PASSAGE OF TOUGH NEW IRAN SANCTIONS LEGISLATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) praised Senate passage of the Iran Threat Reduction and Syria Human Rights Act. The bipartisan, bicameral bill he coauthored will increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. The Senate passed the measure by unanimous consent tonight and earlier this evening the House passed the bill by a vote of 421-6. It will now be sent to President… Continue Reading
July 30, 2012
Johnson Announces Senate-House Agreement on Iran Sanctions Bill
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) announced a bicameral, bipartisan agreement on tough new sanctions legislation to increase the economic pressure on Iran's leaders to abandon their illicit nuclear weapons activities and support for international terrorism. Chairman Johnson will work to help pass the bill in the Senate before Congress adjourns this week. "A nuclear-armed Iran would represent a grave threat to regional peace and international security," … Continue Reading
July 18, 2012
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. Nearly two years after Wall Street Reform was signed into law, 68% of Americans support the Wall Street Reform. The poll also found that 74% of Americans, regardless of political party affiliation, support the Consumer Financial Protectio… Continue Reading
July 13, 2012
CHAIRMAN JOHNSON COMMENTS ON JPMORGAN CLAWBACKS
WASHINGTON, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement after JPMorgan Chase and Company (JPMorgan) announced it would claw back compensation from employees involved in the massive trading loss at its Chief Investment Office. In June, Chairman Johnson called JPMorgan's CEO Jamie Dimon to testify on the trading loss and pressed him at the hearing to seek clawbacks from those responsible. "While details are still forthcoming, JPMorgan's ann… Continue Reading
July 10, 2012
CHAIRMAN JOHNSON ANNOUNCES COMMITTEE OVERSIGHT ACTIVITIES REGARDING LIBOR
WASHINGTON, DC - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement outlining his plans for Committee oversight and due diligence regarding recent developments pertaining to the London interbank offered rate (LIBOR). LIBOR for the US dollar is currently set based on information provided by 18 global financial institutions, including several U.S. banks. LIBOR is used by financial institutions to set interest rates on a variety of financial products includ… Continue Reading
June 28, 2012
JOHNSON STATEMENT ON SURFACE TRANSPORTATION AGREEMENT
WASHINGTON - Today, Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson (D-SD) released the following statement in reaction to an agreement reached by Senate and House negotiators on a federal surface transportation reauthorization. "After intense and exhaustive negotiations our conference committee has reached agreement on a bill that will benefit every American. In my home state of South Dakota alone, this bill will support 10,000 jobs and across the country it w… Continue Reading
June 21, 2012
JOHNSON STATEMENT ON MONEY MARKET FUND HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled "Perspectives on Money Market Mutual Fund Reforms." Below is Chairman Johnson's statement as prepared for delivery: "Today, we are here to review the current state of regulations responsible for providing stability to the money market mutual funds and protecting investors. More than fifty million municipalities, companies, retail investors and others use money market mutual funds. There are $… Continue Reading
June 13, 2012
JOHNSON STATEMENT ON JPMORGAN HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing entitled "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. This hearing is part of the Banking Committee's ongoing oversight of the massive trading loss announced by J.P. Morgan Chase and the implications for risk management, bank supervision, and the Wall Street Reform Act. Since the an… Continue Reading
June 6, 2012
JOHNSON STATEMENT ON WALL STREET REFORM HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing with financial regulators and Treasury to discuss their progress in implementing provisions of the Wall Street Reform Act. The witnesses also updated the Committee on the recently reported trading loss by JPMorgan Chase. Below is Chairman Johnson's statement as prepared for delivery: "I call this hearing to order. This hearing is part of the Committee's continued oversight of the implementation of th… Continue Reading
May 30, 2012
PRESIDENT SIGNS EXPORT-IMPORT BANK REAUTHORIZATION INTO LAW
Local South Dakota Business Attends White House Bill Signing Ceremony WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) commended President Obama on signing the Export-Import Bank Reauthorization Act (H.R. 2072) into law. The legislation signed into law today is the product of a bipartisan compromise based on a framework developed by Chairman Johnson and unanimously approved in the Senate Banking Committee last year. The new law authorizes the Export-Import Bank until 20… Continue Reading
May 22, 2012
JOHNSON STATEMENT ON DERIVATIVES REFORM HEARING
WASHINGTON - Today, Senate Banking Committee Chairman Tim Johnson (D-SD) chaired a hearing on the implementation of derivatives provisions in the Wall Street Reform Act. The Committee heard from SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler. Below is Chairman Johnson's statement as prepared for delivery: "Today we will review the progress being made to reduce systemic risk and improve oversight of the derivatives market. But before we get to the main subject of this hearing,… Continue Reading
May 21, 2012
JOHNSON, SHELBY PRAISE SENATE PASSAGE OF IRAN SANCTIONS LEGISLATION
WASHINGTON - Today, the Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Richard Shelby (R-AL) praised the passage of the Iran Sanctions, Accountability and Human Rights Act of 2012 in the full Senate. The bill, which passed with unanimous bipartisan support, will put further economic pressure on Iran's leaders to abandon their illicit nuclear program and support for international terrorism. "With these new sanctions, as negotiations on Iran's nuclear program are renew… Continue Reading
May 17, 2012
CHAIRMAN JOHNSON TO INVITE JPMORGAN CHASE’S JAMIE DIMON TO TESTIFY
WASHINGTON -- Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement regarding the Committee's upcoming oversight hearings. "Earlier this week, I announced the Senate Banking Committee would continue its oversight of the implementation of Wall Street reform by holding additional hearings with key financial regulators. The first of these hearings will be held next Tuesday, May 22 and it will provide Banking Committee members the opportunity… Continue Reading
May 17, 2012
JOHNSON APPLAUDS SENATE CONFIRMATION OF FEDERAL RESERVE NOMINEES
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement regarding the Senate confirmation of Jay Powell and Jeremy Stein to be governors of the Federal Reserve Board. "By coming together to confirm these two well-qualified individuals, we have ensured the nation has a Federal Reserve Board operating at full strength, with strong leaders working to solidify our economic recovery and help prevent another financial crisis," said Chairman Johnson. "The… Continue Reading
May 15, 2012
JOHNSON APPLAUDS PASSAGE OF EXPORT-IMPORT BANK REAUTHORIZATION
WASHINGTON - Senate Banking Committee Chairman Tim Johnson (D-SD) applauded the passage of the Export-Import Bank Reauthorization Act (H.R. 2072) by a vote of 78 to 20. The bill authorizes the Export-Import Bank until 2014, and will help provide U.S. exporters with the financing to sell their products and compete in the global marketplace. "By reauthorizing the Export-Import Bank we have taken an important step in supporting American businesses and workers," said Johnson. "A failure to reaut… Continue Reading
May 15, 2012
JOHNSON TAKES TO SENATE FLOOR TO SUPPORT EX-IM REAUTHORIZATION
WASHINGTON - Today Senate Banking Committee Chairman Tim Johnson (D-SD) took to the Senate floor to call on his colleagues to vote against amendments and quickly pass bipartisan Export-Import Bank reauthorization legislation. Below are Chairman Johnson's remarks as prepared for delivery: "Mr. President: I rise today in support of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012. After too much delay, it is time for the Senate to pass this bill. "The Export-Import Bank su… Continue Reading
May 14, 2012
CHAIRMAN JOHNSON ANNOUNCES ADDITIONAL WALL STREET REFORM IMPLEMENTATION HEARINGS
WASHINGTON -- Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement on upcoming Wall Street reform implementation hearings. "Over the next few weeks, the Senate Banking Committee will continue its oversight of the implementation of Wall Street reform by holding additional hearings with key financial regulators. These hearings will provide Banking Committee members the opportunity to hear from and question witnesses from the SEC and CFTC o… Continue Reading
May 11, 2012
JOHNSON REACTS TO J.P. MORGAN’S $2 BILLION TRADING LOSS
WASHINGTON - Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, released the following statement in reaction to news of J.P. Morgan's $2 billion trading loss. "The unfortunate news of J.P. Morgan's $2 billion trading loss confirms two things. First, the good: Market reaction so far shows that the financial system and the bank itself are stronger today than in 2008, thanks to improvements adopted after the financial crisis including the Wall Street Reform Act. Second: … Continue Reading
