Senator Tim Johnson | Working for South Dakota
Working for South Dakota

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Today in the Senate

July 31, 2014:

At 9:30 a.m., following any Leader remarks, the Senate will resume consideration of the motion to proceed to S. 2648, the Emergency Supplemental Appropriations bill, post-cloture. The time until 10:00 a.m. will be equally divided between the two Leaders or their designees. Senator Sessions will control the time from 10:00 a.m. to 11:00 a.m., and the Majority will control the time from 11:00 a.m. to 12:00 noon.

 

 

TIM'S WORK ON BANKING-RELATED ISSUES
Senator Tim Johnson (D-SD), a member of the Senate Committee on Banking, Housing and Urban Affairs since 1997, and member of Congress since 1987, has a long career as a fair-minded legislator focusing on public policies ensuring the safety and soundness of our nation's financial system. As international markets and technology have changed, he has supported efforts to modernize our regulatory system and make the regulatory framework more effective for regulators and consumers.

South Dakota is home to many community banks, which is why Johnson is often been viewed as a community banking advocate. Johnson has said, "In my home state of South Dakota, community banks are the lifeline of many small communities."

Johnson's most notable accomplishment on the Senate Banking Committee is the passage of the Safe and Fair Deposit Insurance Act of 2005. Recognizing that the federal deposit insurance system had not been updated since 1980, Johnson was an early champion of deposit insurance reform.  Johnson's bill gave the FDIC critical authority to charge banks based on risk; to build up additional capital buffers in strong economic times; to protect retirement accounts up to $250,000; and to ensure that ordinary coverage limits keep pace with inflation.  Johnson's legislation was put in place at the right time, and has allowed the FDIC to keep Americans' bank deposits safe despite the turbulent economic crisis. 

Johnson has been a leading proponent of strengthening the separation between banking and commerce to ensure that consumers have more and improved credit and financing options. In 1999, he successfully amended Gramm-Leach-Bliley legislation to close the unitary thrift loophole. Beginning in 2005, Johnson led the fight to keep Wal-Mart Stores Inc. from buying an industrial loan bank in Utah and close the ILC loophole. Johnson believes that maintaining the separation between banking and commerce is important to the safety, soundness and competitiveness of our nation's banking system.

Following September 11, 2001, shipments of check payments across the country were delayed, opening up possibilities for processing errors, fraud and other risks to the financial system. Senator Johnson successfully led legislation known as Check 21 through Congress, facilitating banks' ability to exchange checks electronically. This was a significant step to improve the nation's check payment system and ensure the financial stability of our system in the event of another attack.

Johnson has also been an advocate for retirement security, better disclosure of consumer credit product terms and personal credit information, better access to financial literacy education, and other important consumer protections like the FACT Act and the Identity Theft Penalty Enhancement Act. In 2002, Johnson was one of nine Senators to negotiate the final Sarbanes-Oxley legislation reforming corporate governance laws and protecting millions of Americans' hard-earned retirement savings from irresponsible corporate actions.

Senator Johnson has spent much of his career working to address the unique needs of consumers in rural and Native American communities-areas traditionally underserved by financial institutions.  Johnson has been a champion for rural housing needs, the author of the Native American Housing and Self-Determination Act (NAHASDA), and a lead advocate for the Native-American Set-aside within the Community Development Financial Institutions (CDFI) program.

Continuing his efforts for better regulation, in 2006, Johnson and Senator John Sununu (R-NH) began their call for insurance industry regulatory modernization when they introduced a bill to create an optional federal charter (OFC) for insurance regulation.  Johnson remains concerned that the state-by state regulatory system is outdated, inefficient, and bad for consumers and is committed to reforming the regulation of this sector.

Johnson played an important role in the passage of Housing and Economic Recovery Act (HERA), GSE reform, the Fraud Enforcement and Recovery Act and other legislation addressing the economic crisis. Johnson voted against the Emergency Economic Stabilization Act (EESA), citing the lack of protections for the taxpayer and the lack of accountability for those financial institutions receiving TARP funds. Johnson has also been a strong voice calling for increased accountability, responsibility and transparency at the corporations that contributed to the current crisis.

The turbulent economic events of the last year have made it clear that serious changes to our financial services regulatory structure need to be made. Johnson is committed to working with the White House, his Senate colleagues, consumer groups and industry to find mutual understanding and common sense solutions.

Senator Johnson was re-elected to his third Senate term in 2008. He was elected to the U.S. House of Representatives in 1986.

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