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Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, has announced he will not run for re-election.

Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, has announced he will not run for re-election.

Flood-insurance reauthorization legislation proposed by the leadership of the Senate Banking Committee would mandate a phase-out of subsidies while forgiving the program’s debt.

Insurance industry officials say they are encouraged by the Senate Banking Committee's leadership that work is progressing on bipartisan financial services reform legislation, and the committee hopes to resolve remaining issues before January.

WASHINGTON--If Sen. Joe Biden, D- Delaware, is elected vice president, it would set off a domino effect making Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee next year, Senate Major