Majority Press Releases
Brown, Colleagues Urge CFPB to Protect Consumers from Scams Using AI
WASHINGTON, D.C. - Today, U.S. SenatorsSherrod Brown (D-OH),Bob Menendez (D-NJ), Jack Reed (D-RI), and Tina Smith (D-MN) are urging Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to take action to protect consumers from scams and fraud caused by artificial intelligence (AI) and machine learning in consumer financial products. The lawmakers raised concerns over AI voice cloning technology which can allow scammers to fraudulently access consumers’finances including their bank ac… Continue Reading
June 27, 2023
Here’s What They’re Saying: National Media, Unions, Fellow Senators Highlight Brown’s Bipartisan Legislation to Claw Back Executive Compensation for Failed Banks
WASHINGTON, D.C. – Last week, the Senate Banking, Housing, and Urban Affairs Committee, passed the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act out of the committee with overwhelming, bipartisan support. The bill, which was written by U.S. Senators Sherrod Brown (D-OH) and Tim Scott (R-SC) – the Committee’s Chair and Ranking Member, would protect American taxpayers and hold senior executives of failed banks accountable by clawing back the… Continue Reading
June 26, 2023
ICYMI: Washington Post Editorial Board: “A bipartisan bill to seize CEO pay would discourage future banking crises”
WASHINGTON, D.C. – The Washington Post Editorial Board and Crain’s Cleveland Business Editorial Board threw their support behind Senate Banking and Housing Committee Chair Sherrod Brown’s bipartisan Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act. Brown introduced the bill with Ranking Member Tim Scott (R-SC) to hold bank executives accountable for their failures. The RECOUP Act passed out of the Banking and Housing Committee… Continue Reading
June 22, 2023
Brown: Workers Need Job Opportunities, High Wages, and Low Prices
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing on “The Semiannual Monetary Policy Report to the Congress.” Sen. Brown’s remarks, as prepared for delivery follow: For the economy to truly deliver security and opportunity for American workers, we need plentiful job opportunities, we need high wages, and we need low prices. Price… Continue Reading
June 21, 2023
Brown: These Nominees Will Put Workers and Communities at The Center of Our Economy
WASHINGTON, D.C. – Today, 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 The Honorable Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the Board of Governors of the Federal Reserve System; The Honorable Lisa DeNell Cook, of Michigan, to be a Member of the Board of Governors of the Federal Reserve System; and The Honorable Adr… Continue Reading
June 21, 2023
Brown Advances Bipartisan Bills to Hold Bank Executives Accountable and Curb the Flow of Deadly Fentanyl into Communities
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a legislative markup of hisFentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act and Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act. The FEND Off Fentanyl Act passed unanimously, and the RECOUP Act advanced by a vote of 21-2 . Sen. Brown’s remarks, as prepared for delivery follow:… Continue Reading
June 16, 2023
Waters, Brown Ask CFIUS to Evaluate National Security Risks of PGA Tour Merger with Saudi-Backed LIV
Today,Congresswoman Maxine Waters (D-CA),the top Democrat on the House Financial Services Committee, andSenator Sherrod Brown(D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, sent aletterto the Secretary of the U.S. Department of the Treasury and the Chair of the Committee on Foreign Investment in the United States (CFIUS) expressing concern about the recently announced merger of the PGA Tour, DP World Tour, and Saudi-backed LIV Golf. In the letter, the lawmakers so… Continue Reading
June 15, 2023
Brown, Scott Announce Agreement and Markup on New Bill to Hold Bank Executives Accountable for Failures
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) and Senator Tim Scott (R-SC), the leaders of the Senate Committee on Banking, Housing, and Urban Affairs, announced an agreement on the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act. The bill would protect the American taxpayer and hold senior executives of failed banks accountable by clawing back their compensation, penalizing them for their misconduct, and directing banks to strengthen corp… Continue Reading
June 15, 2023
Sen. Menendez, Rep. Velázquez Introduce Bicameral Bill to Stop Predatory Small Business Financing
WASHINGTON, D.C.– U.S. Senator Robert Menendez (D-N.J.) and Congresswoman Nydia M. Velázquez (D-N.Y.-07), the Ranking Member of the House Small Business Committee, today introduced the bicameral Small Business Financing Disclosure Act. The bill aims to protect small business borrowers from predatory lenders and small business financing options carrying unfair terms and conditions and would ensure safeguards already required in consumer lending, through the Truth in Lending Act. The bi… Continue Reading
June 15, 2023
Brown, Colleagues Urge PayPal to Protect Venmo Users from Fraud
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, along with Senators Jack Reed (D-RI), Bob Menendez (D-NJ), and Elizabeth Warren (D-MA) sent a letter to Dan Schulman, President and CEO of PayPal, in response to reports of widespread fraud and scams on Venmo, a peer‑to‑peer instant payments platform owned by PayPal. The letter requests key information from PayPal including data on fraudulent activi… Continue Reading
June 13, 2023
Ahead of Bernstein’s Confirmation Vote, Brown Speaks on Senate Floor
WASHINGTON, D.C. – Today U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs took to the Senate floor to speak on Dr. Jared Bernstein’s nomination to lead the Council of Economic Advisors (CEA). The Senate confirmed Bernstein by a vote of 50-49. Sen. Brown’s remarks, as prepared for delivery, follow: I urge my colleagues to join me in supporting the nomination of Dr. Jared Bernstein to be Chairman of the Council… Continue Reading
June 13, 2023
Brown: The CFPB is Consumers’ Best Defender Against Wall Street
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing entitled, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Sen. Brown’s remarks, as prepared for delivery, follow: Welcome back, Director Chopra. We created the Consumer Financial Protection Bureau to fight for all the Americans who have no other … Continue Reading
May 31, 2023
Brown: We Can Advance U.S. National Security, Economic Security, and Protect Against Threats Posed by China
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing entitled, “Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy.” Sen. Brown’s remarks, as prepared for delivery, follow: For far too long, our policy around China catered to multinational corporations, and failed working families. It devastated… Continue Reading
May 18, 2023
Brown to Financial Regulators: Use Your Authority to Protect Consumers
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing entitled, “Oversight of Financial Regulators: Financial Stability, Supervision, and Consumer Protection in the Wake of Recent Bank Failures.” Sen. Brown’s remarks, as prepared for delivery, follow: On Tuesday, we heard from the former executives of Silicon Valley Bank and Signature… Continue Reading
May 17, 2023
ICYMI: Brown Speaks to Consumer Federation of America on Attempts to Undercut CFPB Authority.
WASHINGTON, D.C. – In Case You Missed It: Senator Brown (D-OH), Chairman of the Senator Banking, Housing and Urban Affairs Committee, spoke at the Consumer Federation of America’s 57th Annual Consumer Assembly. In his address, Brown spoke about the need to protect the Consumer Financial Protect Bureau (CFPB) from Republican attempts to undercut its authority. Brown also highlighted an amicus brief he filed with Congresswoman Maxine Waters (D-CA43), Ranking member of the House Financi… Continue Reading
May 16, 2023
Brown Holds Failed Bank Executives Accountable for Mismanagement
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing entitled, “Examining the Failures of Silicon Valley Bank and Signature Bank.” Sen. Brown’s remarks, as prepared for delivery, follow: In the days after the run on Silicon Valley Bank, when it was closed by the California banking regulators and taken over by the FDIC, many in Washin… Continue Reading
May 15, 2023
Brown, Waters Lead 144 Current and Former Members on Amicus Brief Supporting CFPB
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA-43), Ranking Member of the House Financial Services Committee, led 144 current and former Members of Congress, including Democratic Leader Hakeem Jeffries (D-NY), Speaker Emerita Nancy Pelosi (D-CA) and 100 other current and former Members of the House of Representatives, as well as Democratic Leader Chuck Schu… Continue Reading
May 12, 2023
Brown Applauds Federal Reserve Nominees
WASHINGTON, D.C. – 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 after President Biden announced The Honorable Philip Jefferson for Vice Chair of the Federal Reserve, Dr. Adriana Kugler for Governor of the Federal Reserve, and the renomination of The Honorable Lisa D. Cook for Governor of the Federal Reserve: “These historic nominees have built their careers by putting workers and… Continue Reading
May 11, 2023
Brown Advances CEA, HUD, and Treasury Nominees
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the nominations of: Dr. Jared Bernstein, of Virginia, to be Chairman of the Council of Economic Advisers, Executive Office of the President; Dr. Ron Borzekowski, of Maryland, to be Director of Financial Research, Department of the Treasury; Mr. Solomon Jeffrey Greene, of the District of Columbia, to b… Continue Reading
May 11, 2023
Brown: Cannabis Banking must Help Legal Small Businesses and Empower Workers
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing entitled, “Examining Cannabis Banking Challenges of Small Businesses and Workers.” Sen. Brown’s remarks, as prepared for delivery, follow: Thank you to Senators Merkley and Daines for being here to testify and welcome to our other witnesses. And thank you to Ranking Member Scott fo… Continue Reading
