Sioux Falls, SD—U.S. Senator Tim Johnson (D-SD), Chairman of the Senate Banking Committee, today met with local financial and education leaders to promote financial literacy and discussed how the Dodd-Frank financial reform law will protect consumers. Johnson also highlighted the release of his updated Financial Matters booklet to help South Dakotans take control of their finances. The guide is available online at www.johnson.senate.gov.
“This meeting gave me invaluable input that I will use as the Banking Committee works to oversee regulators and implement this reform law. Many of our local banks, credit unions, schools and non-profits are doing their part to educate South Dakotans on financial matters. I hope people take a moment visit my website and download my guide to help them navigate some tough financial choices,” said Senator Johnson.
Earlier today, Johnson released the updated Financial Matters booklet to provide information to South Dakotans as they make important financial decisions like taking out a mortgage or car loan, or investing for college and retirement. It also includes information on what people can do if they believe they have been targeted by a scam. The guide is available for download at the Senator’s website at www.johnson.senate.gov.
Johnson supported the Dodd-Frank financial reform law because it provided much-needed, common sense rules of the road to the financial services industry. Small community banks will benefit from the law, which levels the playing field between banks and non-bank financials, such as mortgage lenders. The law established the Office for Financial Literacy at the Consumer Financial Protection Bureau, which will substantially advance comprehensive, accessible financial education for all Americans. It also put in place a consumer watchdog dedicated to identifying and preventing lending trends that are harmful to consumers.
“As our nation recovers from the worst recession since the Great Depression, there is no doubt that we all now have a better appreciation for just how risky the financial system can be to both consumers and the economy as a whole. As efforts to reform our financial system continue in Washington, Americans should have access to the information they need as they make some of the most important decisions of their lives,” concluded Johnson.
Johnson was joined at the event by Tracy Gran, Director, Consumer Credit Counseling, Lutheran Social Services; Liz Gorham, Family Resource Management Specialist, SDSU Extension; Kevin Kavanaugh, VP, Sioux Falls Federal Credit Union; Rick Miller, VP, Credit Administration, Cortrust Bank; and Kristie Fiegen, President, Junior Achievement.