U.S. Senator Tim Johnson (D-SD) was named Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Thursday.
“As we continue to come out of the worst recession since the Great Depression, I am committed to an agenda to restore our economy, make our financial regulations world class, and ensure that consumers and investors are meaningfully protected,” said Johnson in a statement. “From the perspective of the Banking Committee, this will include overseeing the implementation of the Dodd-Frank Wall Street Reform and beginning housing finance reform.”
Johnson said he is committed to working with colleagues on both sides of the aisle, the White House, regulators, consumer groups, industry and international regulators on oversight of reform.
“I will work to ensure our regulators have the right tools; that consumers have access, information, choice and protection; and that industry participants have certainty and rules that allow them to compete both at home and abroad.”
Senator Johnson succeeds Senator Chris Dodd (D-CT), who recently retired. Senator Richard Shelby (R-AL) will be the Ranking Member.