Senator Johnson to be banking panel’s chairman.

Johnson poised to take banking panel’s top spot from the  Argus Leader

Sen. Tim Johnson is about to become a more powerful force on Capitol Hill.

The third-term Democrat from Vermillion is in line to become chairman of the Senate Banking, Housing and Urban Affairs Committee when the new Congress convenes Jan. 5. The powerful panel oversees the financial industry and writes laws governing investment and insurance companies, public housing and transit.

No surprises there.  Democrat still have control of the senate.   To be fair Senator Johnson is the next logical choice.  Seems strange for a place where illogical decisions come from.   Then I read this.

In a recent interview, Johnson said he would have two priorities as banking chairman: overseeing the Obama administration’s implementation of the sweeping financial regulation bill – known as Dodd-Frank – that Congress passed in July, and determining the future of Fannie Mae and Freddie Mac, the mortgage giants that the government took over two years ago and that some Republicans want to privatize.

If we look at the mortgage meltdown hard enough, we will find Fannie Mae and Freddie Mac right the middle of it all.  While we all can appreciate making homes more affordable, was it really worth the cost?  Part of the Dodd-Frank is more regulations on the banking industry.   Last year Senator Johnson did vote against a bill that more oversight on the credit card business.

While I’m  willing to keep  an open mind,   I am somewhat pessimistic about what we can expect from this committee.

16 Replies to “Senator Johnson to be banking panel’s chairman.”

  1. Jerry Garcia

    This was expected, but is great news for South Dakota.
    The Fannie/Freddie mess needs resolution.
    With more banks to go down and Fannie/Freddie chaos, it will be an important next couple years on that committee. A huge improvement over Dodd.

  2. insomniac

    Tim Johnson needs to go hard core conservative these remaining years on big issues regarding the defecit so Brendan can bennefit.

  3. insomniac

    SHS is probably thinking how did this guy who can’t even talk win reelection when she really wasn’t that liberal. She was just a fence sitter. Tim Johnson actually voted for this stuff.

  4. Spencer

    Well, when enough people feel sorry for you, I guess you can back your scooter over the U.S. Constitution as many times as you want and get away with it.

  5. oldguy

    I am interested to see how he leads this committee. I wonder if his health is up for this. I wish him well.

  6. Jeff J.

    Let’s hope he does this right, with some strong oversight of Freddie and Fannie. Good luck Senator. You’ll have to go against your own party to accomplish what is truly important to fix the problem.

    Hats off to SD politicians in DC. Leader of the Freshmen in the House (with Tim Scott), Chair of the Republican Policy Committee and Chair of the Banking committee. Pretty nice for a small state in the midwest…

  7. Duh

    Beautiful. T “Where’s Waldo” Johnson was one of the main framers of Freddie and Fannie during the Clinton years. There’s putting the fox in charge of the hen house. Probably like putting a stuffed scarecrow in the field to keep away the predators. Again.

    TJ has no business being in the senate, let alone the Chair of that committee.

  8. John

    Conservatives talk about Fannie and Freddie so often that I’m starting to think it’s not a big problem. In fact, I’m starting to think it’s more of the lies and BS they like to make up… just like they did with their lies about ACORN.

  9. oldguy

    John check into the history of why things went wrong for freddie and fannie and you will see it started with Clinton. bush tried to fix and was shot down by the Dems.

  10. Duh

    “Lies about ACORN”??? You didn’t see the videos? You didn’t see the reports? If you can’t see that ACORN was corrupt, then you need to give up. I suppose that you also claim that the moon landing was done on a Hollywood set and that the Holocaust was a nasty rumor??? It’s self-denying crap like that which torched your party this last election. The populous is sick of smoke and mirrors and individuals who continually deny the obvious.

    Freddie and Fannie was the start of the collapse when Clinton pushed a policy giving loans to “underprivileged” who had absolutely no way to repay. T “Where’s Waldo” J was at the head of that push. Baggage Claim ladies making $85,000/year were approved for $850,000 McMansions was the result.

  11. Anonymous

    I’m not a huge fan of Senator Johnson these days, but at least he appears to be ethical. I’m pretty sure that we are not going to hear about Dodd-like stuff like the “Friends of Angelo” scandal with Johnson.

  12. John

    Duh, I did see the videos about ACORN. They were nicely edited to make it look like ACORN employees were advising clients on how to commit crimes (like tax evasion, human smuggling and child prostitution). But in reality it was completely made up.

    In one case, the ACORN employee was shown asking the filmers questions about the crime. What wasn’t shown was that he was getting as much info as possible to give police a detailed report when he called them. I think that guy might’ve been fired because of the video even though he did the right thing.

    Of course conservatives believe those videos were true. You guys live in a conservative media bubble that makes you immune from facts, reason and common sense. You hear something that sounds bad about liberals and you spread it around to everyone else in the bubble. But when people discover the truth about it, you guys ignore it or dismiss it because you want to hold on to the lie you’ve been spreading.

    As for Fannie and Freddie, there are legitimate concerns about them. But conservatives have cried wolf about so many things that it just makes me sceptical about what’s really a concern or what’s more of their BS.

  13. springer

    ACORN was begun with good intentions IMO. It was taken over by corruption and funded by those who do not have the good of our nation in mind. It has disappeared from view essentially, but it’s still there with all its corruption still intact. And if you believe it is lily white, look at its backers, funders, aims, etc.

    We conservatives have cried “wolf” so many times because there is truly a wolf in our henhouse, and it’s the far left fringe of the Dem party which is now in power. Fannie and Freddie were warned about and ignored by Rangel himself no loss. Need I say more?! Ignoring the cries of wolf usually results in disaster and it’s coming.

  14. Duh

    @John: There was no editing where it counted if you believe there was editing at all. One of the chicks flatly stated how to deceive the IRS. You’re the one that lives in a bubble. The credibility of those reports were the reason they were shut down. They were as corrupt as the BIA, North Korea and unions. Gee, all three want Oblabla to stay at the helm. When your enemies like you, there’s a problem. Wrong again Johno.