Majority Press Releases
U.S. Senator Tina Smith Introduces Legislation to Examine History of Racially Restrictive Covenants
Today, U.S. Senator Tina Smith (D-Minn.) introduced legislation to examine the history of racially restrictive covenants—which were used as tools of discrimination to keep Black families and households of color from moving into certain neighborhoods—so we can better understand the scope of these covenants.Sen. Smith’s Mapping Housing Discrimination Act is inspired by work being done at the University of Minnesota to map racially restrictive covenants, which will help to study the connection betw… Continue Reading
July 29, 2021
Brown: Passing 36% Rate Cap Bill Would Protect Americans From Debt Traps
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 “Protecting Americans from Debt Traps by Extending the Military's 36% Interest Rate Cap to Everyone.”Yesterday, Chairman Brown joined Senator Jack Reed (D-RI), several members of the Committee, and a number of other Senate Democrats in reintroducing the Veterans and Consumers Fair Credit Act, legisla… Continue Reading
July 28, 2021
U.S. Senators Seek to Cap Consumer Loans at 36%
In an effort to put a stop to abusive and predatory lending practices that target vulnerable consumers, U.S. Senators Jack Reed (D-RI), Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Chris Van Hollen (D-MD), today led the reintroduction of legislation that would extend the protections of the Military Lending Act (MLA), which caps the annual percentage rate (APR) on consumer loans at 36 percent, to cover veterans and other consumers.In 2006, Congress passed the MLA to rein in predatory payday len… Continue Reading
July 27, 2021
Brown Presses CFPB to Address Risks to Consumers from Fintechs Like Chime
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio pressing him to address the risks to consumers from Chime, a nonbank fintech.“Chime’s abrupt, involuntary closures of its customers’ accounts—and locking them out of access to their funds—can cause lasting damage to their financial condition. Chime customers who could not access funds may have … Continue Reading
July 27, 2021
Brown: Cryptocurrencies Put Americans’ Hard-earned Money at Risk
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 “Cryptocurrencies: What are they good for?”Sen. Brown’s remarks, as prepared for delivery, follow:First, I’d like to take a moment to acknowledge the passing of our friend and former colleague, Senator Mike Enzi.Some of us served with him on this committee, which he joined in 1997. We remember his kindness, his persona… Continue Reading
July 22, 2021
Brown, Carper: Bipartisan Infrastructure Legislation Must Include Strong Transit Investments
U.S. Senators Sherrod Brown (D-Ohio), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Tom Carper (D-Del.), Chairman of the Senate Committee on Environment and Public Works, today released the following statement:“We have a once-in-a-generation opportunity to invest in our nation’s infrastructure and create a better, more connected future for the American people. We cannot do that if Republicans attempt to strike transit funds and programs from the infrastructure pack… Continue Reading
July 22, 2021
Chairman Menendez Delivers Opening Remarks at Senate Banking Subcommittee Hearing on Future Pandemic Risk
U.S. Senator Bob Menendez (D-N.J.), Chairman of the Senate Banking Subcommittee on Securities, Insurance, and Investment, delivered the following opening remarks at today’s hearing, entitled “Examining Frameworks to Address Future Pandemic Risk.” The Subcommittee heard testimony from a group of experts, businesses leaders, and insurance providers to explore whether Congress should consider a pandemic risk insurance program to limit the economic damage of future global catastrophic events such a… Continue Reading
July 22, 2021
Brown’s Remarks at Subcommittee Hearing: “Examining Frameworks to Address Future Pandemic Risk”
U.S. Sen. Sherrod Brown (D-OH) - chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today delivered remarks during a Securities, Insurance, and Investment Subcommittee hearing entitled “Examining Frameworks to Address Future Pandemic Risk.” Sen. Brown’s remarks, as prepared for delivery, follow:This is the first Securities, Insurance and Investment Subcommittee hearing - thank you Chairman Menendez and Ranking Member Scott for holding this hearing and tha… Continue Reading
July 20, 2021
Chair Tina Smith Leads Senate Hearing on Fire Safety, Home Health Risks Including Lead and Radon
Today, U.S. Senator Tina Smith (D-Minn.) led her third hearing as chair of a key housing subcommittee, where Sen. Smith heard from leaders of housing authorities—including Jennifer Keogh, Deputy Executive Director of the Minneapolis Public Housing Authority—and a nationally recognized expert on led and radon dangers.In 2019, an early morning fire at the Cedar High Apartments, a 25-story public housing building in Minneapolis, led to the deaths of five residents on the upper levels. The building … Continue Reading
July 20, 2021
Brown Applauds Interagency Work on New Community Reinvestment Act Rule
Today, Sen. Sherrod Brown - Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Office of the Comptroller of the Currency (OCC) announced it is rescinding its Trump-era Community Reinvestment Act (CRA) rule and will work on a new rule with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC). The Federal Reserve, FDIC, and OCC also released a joint statement that they are working together on a new proposed CRA r… Continue Reading
July 20, 2021
Brown: As Climate Change Fuels Disasters, We Must Shore Up Our Nation’s Infrastructure
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 “21st Century Communities: Climate Change, Resilience, and Reinsurance.”Sen. Brown’s remarks, as prepared for delivery, follow:This morning the Banking and Housing Committee again looks at the ways climate change puts the American economy and American communities at risk. Earlier, we examined the ways big banks’ focus … Continue Reading
July 19, 2021
Brown Statement on the Nomination of Judith Pryor to Be First Vice President of the Export-import Bank (EXIM)
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 the Biden Administration announced the nomination of Judith D. Pryor, a native of Richmond Heights, Ohio, to be First Vice President of EXIM. She currently serves as a member of the Board of Directors after being confirmed by the U.S. Senate in May of 2019:“I am pleased the President has nominated Judith Pryor to be First Vice President of EXIM. T… Continue Reading
July 19, 2021
Brown Statement on the Nomination of Graham Steele to Be Assistant Secretary of Financial Institutions at Treasury
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 the Biden Administration announced the nomination of Graham Steele to be Assistant Secretary of Financial Institutions at the Department of Treasury. Steele worked for Chair Brown as Legislative Assistant for 5 years before serving as Minority Chief Counsel for the Senate Banking and Housing Committee. He also served as Staff Director of the Subco… Continue Reading
July 16, 2021
Brown Applauds FHFA Action to Lower Refinancing Costs for Homeowners
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, applauded Federal Housing Finance Agency (FHFA) Acting Director Sandra Thompson for rescinding the additional 50 basis point adverse market fee charged by Fannie Mae and Freddie Mac (the Enterprises) for all refinance loans. Senator Brown led a group of 15 Senate Democrats last year in urging the Enterprises to reconsider their decision to charge this new fee, particularly during… Continue Reading
July 15, 2021
Brown to Fed Chair Powell: Workers – Not Wall Street – Should Benefit From the Economic Growth They’ve Made Possible
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 “Semiannual Monetary Policy Report to Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Today, our economy is growing because of the American Rescue Plan and the Biden-Harris Administration’s leadership.We’re putting shots in arms and money in pockets. Families have a little bit extra to help pay the bil… Continue Reading
July 13, 2021
Brown Chairs Hearing for Two Key Biden Administration Nominees
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 nominations hearing for Arun Venkataraman to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service; and Damon Y. Smith to be General Counsel of the Department of Housing and Urban Development (HUD).Sen. Brown’s remarks, as prepared for delivery, follow:The hearing will come to order… Continue Reading
June 30, 2021
President Signs Van Hollen, Brown Legislation to Strike Down Trump-era “Rent-A-Bank” Rule
Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Committee Chairman Sherrod Brown (D-Ohio) applauded President Biden’s signing of their resolution into law to repeal the Trump Administration’s so-called True Lender Rule through the use of the Congressional Review Act. This regulation, finalized in the last months of the prior Administration, allows predatory lenders to skirt state laws meant to curb interest rates on … Continue Reading
June 28, 2021
Brown Applauds CFPB Action to Protect Homeowners From Foreclosure
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, applauded Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio for putting in place better protections for the more than two million homeowners who could unnecessarily lose their homes to foreclosure. Senator Brown and Senator Warren sent a letter to Acting Director Uejio last week urging the CFPB to put additional protections in place to help ensure that homeown… Continue Reading
June 24, 2021
House Passes Van Hollen, Brown Legislation to Strike Down Trump-era “Rent-A-Bank” Rule, Sending It to the President’s Desk
Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Committee Chairman Sherrod Brown (D-Ohio) applauded the bipartisan House passage of their resolution to repeal the Trump Administration’s so-called True Lender Rule through the use of the Congressional Review Act. This regulation, finalized in the last months of the prior Administration, allows predatory lenders to skirt state laws meant to curb interest rates on … Continue Reading
June 24, 2021
Brown Applauds Biden Administration Steps to Root Out Housing Discrimination
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 the U.S. Department of Housing and Urban Development (HUD) published a rule making it easier for victims of housing discrimination to seek justice under the Fair Housing Act. Senator Brown fought the Trump Administration’s rollback of the “Disparate Impact” rule.“The Trump Administration tried to take the teeth out of the disparate impact rule, wh… Continue Reading
