Majority Press Releases

November 23, 2021

Brown Presses Stablecoin Companies on Risks

Today, Sen. Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban sent letters to stablecoin issuers and exchanges seeking information on how companies are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.Senator Brown emphasized the difficulties consumers and investors may face in understanding how stablecoins work and their potential risks, citing the complicated terms and conditi… Continue Reading


November 22, 2021

Menendez Introduces Bill to Protect Small Businesses, Safeguard Owners from Predatory Lenders

Ahead of Small Business Saturday, U.S. Senator Bob Menendez (D-N.J.) today announced the introduction of legislation to protect small business borrowers from predatory lenders and loans carrying unclear terms and conditions and would secure safeguards already required in consumer lending, through the Truth in Lending Act. The bicameral Small Business Lending Disclosure Act of 2021 would bring enhanced transparency to small commercial loans.“As we prepare to go out into our communities on this ne… Continue Reading


November 22, 2021

Brown Applauds Biden’s Nomination of Governor Lael Brainard for Vice Chair

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after President Biden announced the nomination of Governor Lael Brainard for Vice Chair:“Dr. Lael Brainard has spent her life fighting for a stronger, fairer economy - one where workers share in the growth and prosperity they create and where their hard work is not gambled away by reckless Wall Street banks. At this moment, when workers are finally starting to se… Continue Reading


November 22, 2021

Brown Statement on the Renomination of Jerome Powell for Fed Chair

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after President Biden announced the renomination of Jerome Powell for Chair of the Federal Reserve Board of Governors:“Chair Jerome Powell has led our economy through a historic pandemic, and under his and President Biden’s leadership, unemployment has fallen and workers are seeing increased bargaining power. The Federal Reserve must continue to help steer our ec… Continue Reading


November 19, 2021

Hirono, Duckworth Urge Republicans to End Smear Campaign and Confirm Comptroller Nominee Omarova Immediately

Senators Mazie K. Hirono (D-Hawaii) and Tammy Duckworth (D-Ill.) wrote to Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (D-Ohio) and Ranking Member Pat Toomey (R-Pa.) urging them to immediately advance the nomination of Professor Saule Omarova to lead the Office of the Comptroller of the Currency (OCC). President Biden nominated Professor Omarova to serve as Comptroller of the Currency on November 2, 2021. She is widely regarded as a leading expert in her field. … Continue Reading


November 18, 2021

Brown: Saule Omarova is Eminently Qualified to Lead the OCC

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s nomination hearing for Professor Saule Omarova to be Comptroller of the Currency.Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nomination of Saule Omarova to be the Comptroller of the Currency. Congratulations to Professor Omarova for being nominated to this important role. Welcome to … Continue Reading


November 15, 2021

Bipartisan Infrastructure Bill with Historic Brown Provisions to Invest in Ohio Communities, Create Good-paying American Jobs Signed Into Law by President Biden

Today, U.S. Senator Sherrod Brown (D-OH) announced that the bipartisan infrastructure bill was signed into law by President Joseph R. Biden. Brown attended the signing ceremony at the White House. The final bill, the Infrastructure Investment and Jobs Act, passed with several key provisions Brown secured for Ohio communities. Brown fought for these provisions in the version that passed the Senate in August and passed the House of Representatives earlier this month. As the Chairman of a key commi… Continue Reading


November 10, 2021

Schatz, Brown, Senators To CFPB: Fix The Broken Credit Reporting System, Hold Credit Reporting Agencies Accountable

Today, U.S. Senator Brian Schatz (D-Hawai‘i), Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown (D-Ohio), and U.S. Senators Ron Wyden (D-Ore.), Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Chris Van Hollen (D-Md.), and Ben Ray Luján (D-N.M.), urged the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the credit reporting industry. Specifically, the senators urged Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and… Continue Reading


November 10, 2021

U.S. Sens. Tina Smith, Sherrod Brown, Jack Reed Seek Answers on Zillow’s Sale of Thousands of Homes to Private Equity Investors

U.S. Senator Tina Smith (D-Minn.), chair of a key Senate housing subcommittee, and Senate Banking Committee Chair Sherrod Brown (D-OH), are raising concerns about real estate powerhouse Zillow’s reported plans to sell a large portfolio of single-family homes to institutional investors who could turn those properties into rental homes. The move could leave local homebuyers without affordable options, and renters with poorly managed properties. The two Senators were joined by Senator Jack Reed (D… Continue Reading


November 6, 2021

Bipartisan Infrastructure Bill with Historic Brown Provisions to Invest in Ohio Communities, Create Good-paying American Jobs Now Headed to the President’s Desk

Today, U.S. Senator Sherrod Brown (D-OH) announced that the bipartisan infrastructure bill, which passed the Senate in August, has now passed the House of Representatives and is headed to the President’s desk. The final bill, the Infrastructure Investment and Jobs Act, passed with several key provisions Brown secured for Ohio communities. As the Chairman of a key committee on infrastructure legislation, Brown delivered big investments for Ohio. The bill will create good-paying jobs building and … Continue Reading


November 4, 2021

Brown, Waters, Maloney Urge Treasury to Take Swift Action to Implement Law Cracking Down on Anonymous Shell Companies

Today, Sen. Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Rep. Maxine Waters, Chairwoman of the House Financial Services Committee, and Rep. Carolyn B. Maloney, Chairwoman of the House Committee on Oversight and Reform, wrote to Treasury Secretary Janet Yellen urging the Treasury Department to move swiftly on implementing the Corporate Transparency Act (CTA) to crack down on abuses of anonymous shell companies by traffickers, terrorists, illicit arms d… Continue Reading


November 3, 2021

Senate Banking and Housing Committee Advances Key Biden Administration Nominees

Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led the Committee in moving forward four Biden Administration nominees:Ms. Reta Jo Lewis, of Georgia, to be President and Chair of the Export-Import Bank of the United StatesThe Honorable Judith Del Zoppo Pryor, of Ohio, to be First Vice President of the Export-Import Bank of the United StatesMr. Owen Edward Herrnstadt, of Maryland, to be a Member of the Board of Directors of the … Continue Reading


November 2, 2021

Brown: Our Economy’s Transition from Libor Must Protect Consumers and Investors

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled “The Libor Transition: Protecting Consumers and Investors.”Sen. Brown’s remarks, as prepared for delivery, follow:I often begin these hearings by taking us back to 2008, and to the years that followed, because we are still living with the fallout - and in the case of the Libor scandal, we are still cleaning up a mess c… Continue Reading


November 1, 2021

Brown: New Financial Technology Must Play By Existing Rules

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Presidential Working Group on Financial Markets released their new report on stablecoins:“Today’s Presidential Working Group report highlights the risks that the rapid growth of stablecoins present to families and the economy. We must work to ensure that any new financial technologies are subject to all of the laws and regulations that protect investors, c… Continue Reading


October 28, 2021

Brown: Director Chopra Will Stand Up for Americans, Usher in a New Era of Consumer Protections

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled “New Era for Consumer Protection: The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Welcome Director Chopra. You are stepping into a vital role for the American people.It’s your job as Director of the Consumer Financial Protection Bureau (C… Continue Reading


October 27, 2021

Brown, Gillibrand, Merkley, Warnock Introduce Legislation to Stop Fed Officials from Profiting Off of Their Positions

Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sens. Kirsten Gillibrand (D-NY), Jeff Merkley (D-OR), and Raphael Warnock (D-GA) introduced the Ban Conflicted Trading at the Fed Act, legislation to prohibit Federal Reserve officials from trading individual stocks and ensure Americans can trust that the Federal Reserve is acting in the best interest of all Americans. “Public officials, whether at the Fed or in Congress,… Continue Reading


October 26, 2021

Brown: Nominees are Ready to Work for Americans’ Jobs, Businesses, and Homes

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s nomination hearing for Reta Jo Lewis to be President and Chair of the Export-Import Bank; and Elizabeth de Leon Bhargava to be an Assistant Secretary of Housing and Urban Development.Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nominations of: Reta Jo Lewis to be President and Chair o… Continue Reading


October 21, 2021

Brown Statement on Fed Stock Trading Announcement

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Federal Reserve announced new policies around officials and senior staff owning and trading individual stocks.“Today’s announcement is a start, but we can’t let up now,” said Senator Brown. “My coming legislation would set strong requirements, like banning Fed officials from trading individual stocks, and it would have the rule of law. The American people … Continue Reading


October 21, 2021

Brown Lays Out Private Equity’s Harmful Impact on Renters, Communities

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled “How Private Equity Landlords are Changing the Housing Market.”Sen. Brown’s remarks, as prepared for delivery, follow:One thing seems to be pretty much certain in this economy: no matter what happens to most Americans - a financial crisis, a global pandemic - Wall Street will find a way to profit off of everybody else’… Continue Reading


October 20, 2021

Warren, Baldwin, Brown, Pocan, Jayapal, Colleagues Reintroduce Bold Legislation to Fundamentally Reform the Private Equity Industry

United States Senators Elizabeth Warren (D-Mass.), Tammy Baldwin (D-Wisc.), Sherrod Brown (D-Ohio), Chair of the Senate Banking Committee, along with Representatives Mark Pocan (D-Wisc.) and Pramila Jayapal (D-Wash.), today reintroduced the Stop Wall Street Looting Act, a comprehensive bill to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers, and… Continue Reading

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