Senator Tim Johnson (D-SD) will be the new Chair of the Senate Banking Committee for the 112th Congress. Senator Johnson said that he is committed to making US financial regulations world class and ensuring that consumers and investors are meaningfully protected. From the perspective of the Banking Committee, this will include overseeing the implementation of the Dodd-Frank Act and beginning housing finance reform. Senator Richard Shelby (R-ALA) will continue as the Committee’s Ranking Member.
During the House-Senate conference committee on Dodd-Frank, Senator Johnson vetted a compromise provision on a uniform federal fiduciary standard for brokers and investment advisers. The provision required an SEC study under strict parameters, which has now been filed.