Senate Banking chair Tim Johnson discusses hedge funds with AR
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 Affairs
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 the...
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