Majority Press Releases
Brown to Federal Reserve: Prohibitions on Stock Trading Need Teeth
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, urged Federal Reserve Chair Jerome Powell to strengthen enforcement penalties under the Fed’s Investment and Trading Policy. In a letter to Chair Powell, Brown cites a Fed report that said that in March 2020, just before the Board met to consider monetary policy and emergency lending programs in response to the COVID-19 crisis, two former Federal Reserve Bank Pres… Continue Reading
February 20, 2024
Brown Statement on Capital One-Discover Merger
WASHINGTON, D.C. - Today, U.S. Senator Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement regarding this week’s announcement that Capital One will buy Discover Financial. “With a merger this size, the regulators need to ensure our financial system remains strong and competitive, so that consumers continue to have access to safe, affordable financial products and services. A rubber-stamped merger that makes powerful financial companies… Continue Reading
February 15, 2024
Brown, Colleagues Press Zelle to Clarify Policies to Protect Customers from Fraud and Scams
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Jack Reed (D-RI) and Elizabeth Warren (D-MA), members of the Banking, Housing, and Urban Affairs Committee, are pressing Zelle CEO Cameron Fowler to clarify policies protecting consumers from scams and fraud on the instant payment platform. In a letter to Fowler, the Senators ask that Zelle publicly clarify their reimbursement policy for impost… Continue Reading
February 8, 2024
Brown to Yellen: FSOC Must Be There to Protect Our Economy When Wall Street Tries to Duck Regulators
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “Financial Stability Oversight Council Annual Report to Congress.” Sen. Brown’s remarks, as prepared for delivery follow: For a long time, it’s been pretty clear what gets rewarded on Wall Street. Bigger risks mean bigger profits. Bigger profits mean more stock options. Bigger profits mean f… Continue Reading
February 6, 2024
Brown, Colleagues Press President to Boost Funding for Export Controls, National Security
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Jack Reed (D-RI), Bob Menendez (D-NJ), and Mark Warner (D-VA) urged President Joe Biden to increase funding for export control administration and enforcement. In a letter to the President, the Senators emphasized the Bureau of Industry and Security’s (BIS) importance to national security policy, citing comments from key administration officials… Continue Reading
February 5, 2024
Brown Statement on Bipartisan National Security Deal
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH) released the following statement on the bipartisan border bill released by Senate negotiators. The legislation includes Brown’s bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act, which would impose new sanctions and anti-money laundering penalties targeting the illicit fentanyl supply chain, from the chemical suppliers in China to the cartels that transport the drugs in from Mexico. “We need to come toget… Continue Reading
February 1, 2024
Brown: Scammers Have Ramped Up Efforts While Banks and Payment Apps Stand By
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” Sen. Brown’s remarks, as prepared for delivery follow: When consumers send money through an app or send a check in the mail, they are supposed to be able to trust that financial companies are protecting their mon… Continue Reading
January 30, 2024
Brown to Fed: Cutting Rates Will Cut Housing Costs
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, urged Federal Reserve Chair Jerome Powell, ahead of the upcoming Federal Open Market Committee meeting, to lower interest rates early this year in order to lower housing costs and support workers and families who are feeling the burden of high prices. In a letter to Federal Reserve Chair Jerome Powell, Brown outlined how higher interest rates are burdening consume… Continue Reading
January 25, 2024
Brown: Reauthorizing and Strengthening Flood Insurance Protects Communities When Disaster Strikes
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions.” Sen. Brown’s remarks, as prepared for delivery follow: This hearing is a continuation of our efforts to enact a long-term reauthorization of the National Flood Insurance Program or NFIP.… Continue Reading
January 19, 2024
Brown, Colleagues Urge Strong Capital Rules to Protect Americans’ Money
WASHINGTON, D.C. - Yesterday, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Tina Smith (D-MN), John Fetterman (D-PA), Richard Blumenthal (D-CT), Brian Schatz (D-HI), Mazie Hirono (D-HI), Angus King (I-ME), and Tammy Duckworth (D-IL), reiterated their support for the new capital requirements proposed by the Federal Res… Continue Reading
January 18, 2024
Brown: We Need a China Policy for the World We Live In Today
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing entitled, “National Security Challenges: Outpacing China in Emerging Technology.” Sen. Brown’s remarks, as prepared for delivery follow: Last week, this Committee heard about the human toll that illicit fentanyl takes on our families, our friends, our neighbors. The witnesses stressed the need to come… Continue Reading
January 17, 2024
Brown Statement on CFPB Overdraft Rule
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Consumer Financial Protection Bureau (CFPB) announced a new proposed rule on overdraft fees: “I’m glad to see the CFPB continue its work to eliminate junk fees so that Americans can keep more of their hard-earned money. I will review this important proposal.” ###… Continue Reading
January 12, 2024
Here’s What They’re Saying: National and Local Media Reactions to Jelly Roll’s Powerful Testimony in Support of FEND Off Fentanyl Act
WASHINGTON, D.C. - Yesterday, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee chaired by U.S. Senator Sherrod Brown (D-OH), artist and philanthropist Jason “Jelly Roll” DeFord delivered powerful testimony in support of Brown’s bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act. Read what they’re saying about Jelly Roll’s testimony and Brown’s bipartisan FEND OFF Fentanyl Act: Cleveland.com: Singer Jelly Roll urges fentanyl crackdown at Sen… Continue Reading
January 11, 2024
Brown, Colleagues Call for a Review of Navy Federal After Reported Racial Disparities in Mortgage Lending
WASHINGTON, D.C. - Today, U.S. Senators Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, along with his colleagues Senators Ron Wyden (D-OR), Chair of the Senator Finance Committee, Jack Reed (D-RI), Chair of the Senate Armed Services Committee, Raphael Warnock (D-GA), Tina Smith (D-MN), John Fetterman (D-PA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), and Bob Menendez (D-NJ) called on the Department of Housing and Urba… Continue Reading
January 11, 2024
Brown to Colleagues: Law Enforcement and Families are Counting on Us to Take Action to Stop the Fentanyl Crisis
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at a hearing entitled, “Stopping the Flow of Fentanyl: Public Awareness and Legislative Solutions.” Sen. Brown’s remarks, as prepared for delivery follow: The fentanyl crisis is one of the gravest threats facing all of our communities. Every year, about 5,000 Ohioans die from unintentional drug overdoses. In 2022, a st… Continue Reading
January 10, 2024
Brown Applauds Affirmation of 1071 Rule
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Senate rejected an attempt to overrule President Biden’s veto of a Congressional Review Act (CRA) resolution to overturn the Consumer Financial Protection Bureau’s rule on small business lending pursuant to Section 1071 of the Dodd-FrankAct. The rule, designed to promote transparency and access to credit and combat discri… Continue Reading
December 22, 2023
Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook
Date: December 22, 2023 To: Reporters and Editors From: Committee on Banking, Housing, and Urban Affairs Majority Staff Re: Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement and memo on the Committee’s accomplishments of the past year, as well as priorities for the final year of the 118th Congress. “2023 was another… Continue Reading
December 21, 2023
ICYMI: In New Op-Ed, Brown Highlights the CFPB as Servicemembers’ and Veterans’ Key Defender Against Fraud and Scams
WASHINGTON, D.C. -In Case You Missed It: U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, published an op-ed on Military.com promoting the Consumer Financial Protection Bureau (CFPB) and the important work it does to protect veterans and servicemembers from fraud and scams. As the holiday season approaches, Brown emphasizes the sacrifices military families make during this time of year, and the unique financial challenges they face which ma… Continue Reading
December 21, 2023
Brown Applauds Tanya Otsuka’s Confirmation to the NCUA Board
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement on Ms. Tanya Otsuka’s confirmation to the National Credit Union Administration (NCUA) board. Otsuka previously worked for Chair Brown as Senior Counsel for the Senate Banking and Housing Committee. “Congratulations to Ms. Tanya Otsuka on her unanimous confirmation to serve on the National Credit Union Administration Board. Her con… Continue Reading
December 18, 2023
During Holiday Season, Brown, Warnock, Fetterman Urge CFPB to Ensure Consumers Do Not Struggle with ‘Buy Now, Pay Later’ Debt
WASHINGTON, D.C. - Today, U.S. Senators Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Raphael Warnock (D-GA), and John Fetterman (D-PA) urged Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to monitor the risks posed by “buy now, pay later” (BNPL) products which let consumers pay off certain purchases over several weeks. In a letter to Chopra, the Senators urged the Director to monitor BNPL products as consumers significantly inc… Continue Reading
