Senate Banking chair Tim Johnson discusses hedge funds with AR
By Lawrence Delevingne
Mon May 23, 2011
In an exclusive interview, he calls GOP attempts to slash regulators’ budgets “irresponsible.”
| Senator Tim
Johnson at a recent hearing of the Senate
Committee on Banking, Housing and Urban
Dodd-Frank Act architect and namesake Chris Dodd left
Washington to lobby for Hollywood, leaving the new chairman of
the Senate Committee on Banking, Housing and Urban Affairs,
Senator Tim Johnson, to make the legislation actually work. The
South Dakota Democrat hasn't focused on hedge funds before, but
has been a member of the financial committee since 1997 and
helped shape Dodd-Frank by supporting the creation of
mechanisms to monitor systemic risk and derivatives, credit
default swaps and other complex financial products.
With Dodd-Frank implementation progressing quickly, Johnson
is presiding over hearings that affect hedge funds, like their
potential designation as "systemically important financial
institutions" (May 12) and derivatives trading (May 25). "With
Dodd-Frank, we have created a new, sound economic foundation
that will protect against the entire economy being exposed
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