Majority Press Releases

September 22, 2022

Brown to Banks: You Must Do Right By Your Customers, Workers, and Communities

WASHINGTON, D.C. — 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 “Annual Oversight of the Nation’s Largest Banks.”Earlier this week, the Democratic staff of the Committee released snapshots highlighting the consumer abuses of each of the banks that testified at today’s hearing.For years, Senate Democrats have pressed the biggest banks to do right by their customer… Continue Reading


September 21, 2022

Ahead of Big Bank Hearing, Banking Democrats Release Snapshots on JP Morgan Chase and Wells Fargo

WASHINGTON, D.C. — Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of two of the nation’s largest megabanks, JP Morgan Chase and Wells Fargo.JP Morgan Chase and Wells Fargo - along with Bank of America, Citi,  Truist, PNC, and U.S. Bank - play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trillion that… Continue Reading


September 20, 2022

Brown Statement on FDIC Nominees

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after President Biden announced the nominations of Jonathan McKernan and Travis Hill to be board members of the Federal Deposit Insurance Corporation (FDIC).“The FDIC keeps our banking system safe, insures our deposits, and helps support our nation’s smallest banks. It requires experienced leadership and a board that will focus on prote… Continue Reading


September 20, 2022

Ahead of Big Bank Hearing, Banking Democrats Release Snapshots on Citi and Bank of America

WASHINGTON, D.C. — Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of two of the nation’s largest megabanks, Citi and Bank of America.Bank of America and Citi - along with, Truist, PNC, U.S. Bank, JP Morgan Chase, and Wells Fargo - play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trillion that repres… Continue Reading


September 20, 2022

Brown: Sanctions Are a Necessary Tool to End Russian Aggression

WASHINGTON, D.C. — 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 “Tightening the Screws on Russia: Smart Sanctions, Economic Statecraft, and Next Steps.”Sen. Brown’s remarks, as prepared for delivery, follow:Vladimir Putin’s war on Ukraine has massacred innocent civilian communities, leveled cities, weaponized food and energy sources, imperiled the security of a n… Continue Reading


September 19, 2022

Ahead of Big Bank Hearing, Banking Democrats Release Snapshots on PNC, Truist, US Bancorp

WASHINGTON, D.C. — Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of three of the nation’s largest regional banks, U.S. Bancorp, PNC, and Truist.U.S. Bancorp, PNC, and Truist - along with Bank of America, Citi, JP Morgan Chase, and Wells Fargo - play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trill… Continue Reading


September 16, 2022

Brown Statement on Biden Administration Crypto Reports

Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement regarding the reports released today following an executive order by President Biden directing Treasury and other agencies to study digital assets.“Today’s reports highlight the risks that cryptocurrencies could pose to our economy if not regulated carefully and comprehensively, the opportunities a central bank digital currency could create, and the chall… Continue Reading


September 15, 2022

Brown Applauds CFPB Action on Buy Now, Pay Later Products

Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Consumer Financial Protection Bureau announced that it will ensure consumer financial protections apply to newer financial products.“Financial products that are well-designed, transparent, and regulated can help workers pay off an unexpected car repair, or help with the grocery bill, or cover a medical expense. But too often these new products… Continue Reading


September 15, 2022

Brown to Gensler: Our Markets Should Work for Everyone

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 “Oversight of the U.S. Securities and Exchange Commission,” featuring SEC Chair Gary Gensler.Sen. Brown’s remarks, as prepared for delivery, follow:Welcome back Chair Gensler.Workers and their families don’t measure the economy by the stock market, and neither should we.It’s why in the Senate and in the Biden Administr… Continue Reading


September 13, 2022

Brown: We Must Protect Consumers' Hard-Earned Money

WASHINGTON, D.C. — 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 Consumer Financial Products and the Impacts to Workers.”Sen. Brown’s remarks, as prepared for delivery, follow:Hard work should pay off for everyone.That’s the American dream. That’s what the dignity of work is all about - it’s a concept that Pope Leo XIII spoke of in the 19th century, and popul… Continue Reading


September 12, 2022

Menendez, Brown, Warren, Feinstein, Sanders, and Booker Press Meta for Details on its Efforts to Combat Cryptocurrency Scams

WASHINGTON, D.C. - U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee, today was joined by the Committee’s Chairman Sherrod Brown (D-Ohio) and Sens. Elizabeth Warren (D-Mass.), Dianne Feinstein (D-Calif.), Bernie Sanders (I-Vt.), and Cory Booker (D-N.J.) in sending a letter to Meta CEO Mark Zuckerberg, requesting information about the company’s efforts to combat cryptocurrency scams and hold bad actors accountable for cryptocurrency fraud on its platforms.“Data f… Continue Reading


September 8, 2022

Brown Opening Statement at Insurance Oversight Hearing

WASHINGTON, D.C. — 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 “Current Issues in Insurance.”Sen. Brown’s remarks, as prepared for delivery, follow:Every American needs insurance - whether it’s auto insurance to protect us when we’re on the road, or homeowners’ insurance to protect the biggest investment for most families, or life insurance to cement your family… Continue Reading


September 7, 2022

Brown Hosts Consumers for Listening Session on New Financial Products

WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, hosted a listening session with consumers from around the country. The consumers shared their experiences with new financial products, including how lack of transparency and risks undermines the dignity of work.“Debt products that are well-designed, transparent, and regulated can help workers pay off an unexpected car repair or help with the grocery bill or cove… Continue Reading


August 26, 2022

Brown Applauds PCAOB Efforts to Improve Transparency for Investors

WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the U.S. Public Company Accounting Oversight Board (PCAOB) reached an agreement with authorities in China to allow the PCAOB to do critical inspections of audit records of public accounting firms headquartered in mainland China and Hong Kong.“Today’s agreement sets the stage for long needed regulatory oversight. For too long, Chinese comp… Continue Reading


August 10, 2022

Brown Applauds FHFA for Requiring Mortgage Lenders and Servicers to Transfer Fair Lending Data

WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement applauding the Federal Housing Finance Agency’s (FHFA) announcement that it would require mortgage lenders and servicers to transmit fair lending information, including a borrower’s language preference, to loan servicers along with other loan information.“It’s common sense - if you’re talking with a homeowner or trying to help them ge… Continue Reading


August 9, 2022

Brown, Colleagues Applaud CRA Proposed Rule, Push for More Support for Underserved Communities

WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led his colleagues in a letter to Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu supporting the interagency proposal to update and strengthen the regulations implementing the Community Reinvestment Act (CRA). The senators recommended additional measur… Continue Reading


August 5, 2022

Brown Continues Push on Private Equity Firms' Involvement in the Insurance Industry

WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent two letters asking for the continuing consideration of private equity’s growing role in the insurance industry. In follow-up letters to Steven Seitz, Director of the Treasury Federal Insurance Office (FIO), and Dean Cameron, President of the National Association of Insurance (NAIC), Brown made clear that FIO and NAIC need to continue their analysis of chang… Continue Reading


August 5, 2022

Brown and Reed Urge Greater Transparency in the Private Fund Market

Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Jack Reed (D-RI), a senior member of the committee, sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler expressing support for its proposed rules for private fund advisers. The rules would enhance transparency in the private fund market and protect investors from conflicts and harmful practices.“[T]he Proposal would bring necessary and important transparency t… Continue Reading


August 4, 2022

Brown, Colleagues Call Out US Bank For Opening Fake Accounts

WASHINGTON, D.C. — Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, joined fellow Banking and Housing Committee members Elizabeth Warren (D-MA), Catherine Cortez Masto (D-NV), Chris Van Hollen (D-MD), and Robert Menendez (D-NJ) in a letter to Andrew Cecere, CEO of U.S. Bank, requesting information about the bank’s use of consumer data to open unauthorized bank accounts. The letter comes after the Consumer Financial Protection Bureau (CFPB) fined… Continue Reading


August 4, 2022

Brown: Climate Change is Here, We Must Act Now

WASHINGTON, D.C. — 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 “Borrowed Time: The Economic Costs of Climate Change.”Sen. Brown’s remarks, as prepared for delivery, follow:Climate change is here - and the country knows it.It’s here for Ohio teachers and students forced to work in schools without air conditioning in 90-plus degree heat, for more and more days at … Continue Reading

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