Majority Press Releases

June 30, 2020

Brown Calls For A More Equitable Banking System

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing entitled “The Digitization of Money and Payments.”Sen. Brown’s remarks, as prepared for delivery, follow:Big Tech companies have made a lot of big promises about the better society they were going to allow us to build.And they have not lived up to them.They sold us the idea the technology they’d… Continue Reading


June 30, 2020

ICYMI: Sens. Menendez, Brown Introduce Bill to Support Homeowners, Renters Struggling Amid COVID-19 Pandemic and Economic Fallout

WASHINGTON, D.C. - U.S. Senators Bob Menendez (D- N.J.) and Sherrod Brown (D-Ohio) today introduced the Coronavirus Housing Counseling Improvement Act to expand access to critical information, assistance programs and services for millions of families struggling to remain in their homes because of the COVID-19 pandemic and economic fallout. The bill is co-sponsored by Senators Chris Van Hollen (D-Md.), Kyrsten Sinema (D-Ariz.),Tina Smith (D-Minn.), Cory Booker (D.N.J.), Elizabeth Warren (D-… Continue Reading


June 29, 2020

Brown, Colleagues Introduce Legislation to Extend Nation-wide Moratorium on Evictions

Washington, DC - United States Senator Sherrod Brown (D-OH) Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection, Congressman Jesús G. "Chuy" García (D-IL), a member of the House of Representatives Committee on Financial Services, and Congresswoman Barbara Lee (D-CA) introduced the Protecting Renters… Continue Reading


June 29, 2020

Brown Statement on the Supreme Court’s Ruling on the Constitutionality of the CFPB

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement following the Supreme Court’s decision to undermine the structure of the Consumer Financial Protection Bureau’s (CFPB). The ruling is a win for corporations and a loss for consumers.“Today’s decision is just the latest example of the Supreme Court putting corporations over consumers. It flies in the face of the hard lesso… Continue Reading


June 29, 2020

ICYMI: BROWN WIRED OP-ED: Privacy Isn’t a Right You Can Click Away

WASHINGTON, D.C. - In case you missed it, U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - penned an op-ed in Wired Magazine today about his proposal, the Data Accountability and Transparency Act of 2020, which creates a new framework for Americans to hold corporations, big tech, and the government responsible for how they collect and protect personal data.“Privacy is a civil right. But corporations force you to sign it … Continue Reading


June 25, 2020

Brown Blast Trump Regulators For Rolling Back Key Financial Protections

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement after the federal banking agencies finalized changes to the Swap Margin rule, the Volcker Rule, and a rule permitting “Rent-a-Bank” schemes. These are additional actions in a long line of decisions by the Trump regulators to put Wall Street interests over those of hardworking Americans as the economy struggles to recover … Continue Reading


June 25, 2020

Senators Warren and Brown Call for Capital One & Major Debt Collectors to Immediately Suspend Lawsuits and Wage Garnishment Practices During the COVID-19 Pandemic

Text of Letter to Capital One (PDF) | Text of Letter to Encore Capital (PDF) | Text of Letter to PRA Group (PDF) | Text of Letter to Alorica Inc. (PDF) Washington, DC - United States Senators Elizabeth Warren (D-Mass.), a member of the Senate Banking Committee, and Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking Committee sent letters to Capital One Financial Corp. and to Encore Capital Group, PRA Group, Alorica Inc., three of the nation's largest debt collectors, following … Continue Reading


June 24, 2020

Warren and Brown Urge Regulators: Reverse Rule that Weakens Capital Requirements and Makes Banks More Vulnerable to Collapse During this Crisis

Text of Letter (PDF)Washington, DC - United States Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection, and Senator Sherrod Brown (D-Ohio), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, today raised concerns to the Federal Reserve Board of Governors (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Curr… Continue Reading


June 24, 2020

SCHATZ, SENATORS URGE FED TO SUSPEND PAYMENTS TO SHAREHOLDERS DURING PANDEMIC, ENSURE STABILITY OF U.S. FINANCIAL SYSTEM

WASHINGTON - U.S. Senator Brian Schatz (D-Hawai‘i) led a group of senators in calling on the Federal Reserve (“the Fed”) to require banks to suspend dividend payments to shareholders as the economy struggles to recover from the ongoing COVID-19 crisis. The senators urged Fed Chair Jerome Powell and Vice Chair Randal Quarles to ensure banks conserve capital now so that they can continue lending if the economic fallout from the pandemic turns more severe.“The banking system will face increa… Continue Reading


June 23, 2020

Republican Stalling on Export-Import Bank Board Nominees Undermines Workers and Small Businesses During COVID-19 Crisis

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member 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 Export-Import Bank of the United States.”Sen. Brown’s remarks, as prepared for delivery, follow:Mr. Chairman, thank you for calling today’s hearing. President Reed, thank you for joining us. This is a critical time for EXIM. Last year we finally provided certainty t… Continue Reading


June 22, 2020

Brown Blasts the CFPB for Proposing Rule to Reshape Mortgage Access During Pandemic

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement after the Consumer Financial Protection Bureau’s (CFPB) release of a proposed Ability to Repay and Qualified Mortgage rule, which would redefine mortgage underwriting requirements and protections for consumers. Brown urged the CFPB to halt this major rulemaking during the pandemic when stakeholders and advocates are not a… Continue Reading


June 22, 2020

Brown Statement on the Supreme Court’s Ruling In Favor of Investors and the SEC

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - released the following statement following the Supreme Court’s decision upholding the Securities and Exchange Commission’s (SEC) ability to recover wrongful gains from those who break federal securities laws. The ruling protects investors and keeps bad actors from profiting.“The Supreme Court’s ruling today confirming courts’ ability to impose disgorgeme… Continue Reading


June 20, 2020

Brown Presses SEC Chair Clayton For What He Knew On Ouster Of U.S. Attorney Geoffrey Berman; Urges Chair Clayton To Withdraw His Name From Consideration Immediately

U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs today sent a letter to Securities and Exchange Commission (SEC) Chair Jay Clayton expressing concern regarding Attorney General William Barr’s disturbing actions to remove the sitting U.S. Attorney for the Sothern District of New York. Brown pressed Chair Clayton to provide answers regarding his knowledge and involvement in the ouster of U.S. Attorney Geoffrey Berman, and urg… Continue Reading


June 18, 2020

Brown Releases New Proposal That Would Protect Consumers’ Privacy from Bad Actors

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, today released a draft privacy bill, the DataAccountability and Transparency Act of 2020. Brown’s proposal creates a new framework that would give Americans the power to hold corporations, big tech, and the government responsible for how they collect and protect personal data. The bill rejects the current, ineffective “consent” model for privacy, and inste… Continue Reading


June 17, 2020

Brown Statement On HUD and FHFA Again Extending Foreclosure Moratoriums for Homeowners During The Coronavirus Pandemic

U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today released the following statement following the announcement that the Department of Housing and Urban Development and Federal Housing Finance Agency (FHFA) would extend the suspension of foreclosures on FHA-insured and Fannie Mae- and Freddie Mac-backed mortgages until at least August 31, 2020. While the announcement extends protections for homeowners, millions of ren… Continue Reading


June 16, 2020

Brown Opening Statement at Banking Committee Hearing on The Federal Reserve's Semiannual Monetary Policy Report

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - delivered the following opening statement at today’s hearing entitled “The Semiannual Monetary Policy Report to Congress”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for holding this virtual hearing, and thank you, Chair Powell, for participating in this hearing remotely to practice social distancing and to prevent t… Continue Reading


June 16, 2020

Brown, Schumer Push Newly Confirmed Special Inspector General For Pandemic Recovery (SIGPR) Brian Miller To Demonstrate His Independence And Integrity

WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senate Democratic Leader Chuck Schumer (D-NY), yesterday sent a letter to newly confirmed Special Inspector General for Pandemic Recovery (SIGPR) Brian Miller reminding him of his commitment to the American people and his oversight responsibilities. Specifically, the lawmakers urged Inspector General Miller to resist influence or pressure, uphold the l… Continue Reading


June 15, 2020

Brown Urges Fannie, Freddie, and the Trump Administration to Do More to Protect Renters From Evictions

U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, wrote to Fannie Mae and Freddie Mac demanding that they do more to protect renters in Fannie Mae- and Freddie Mac-backed properties from illegal eviction. Senator Brown’s push comes on the heels of reports from around the country of property owners filing evictions which may not comply with protections included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).… Continue Reading


June 12, 2020

In New Letter To Secretary Mnuchin And SBA Administrator Carranza, Sens. Brown, Schumer, Cardin, And Shaheen Lead All 47 Senate Democrats In Calling For Urgently-Needed Improvements To Streamline And Simplify Current, Onerous Process For Smaller Businesses Applying For PPP Loan Forgiveness

Washington, D.C.— All 47 Senate Democrats, led by U.S. Sen. Sherrod Brown (D-OH), ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senate Democratic Leader Chuck Schumer (D-NY), Senate Committee on Small Business and Entrepreneurship Ranking Member Ben Cardin (D-MD), and Senator Jeanne Shaheen (D-NH), today sent a letter to Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza calling for urgently needed … Continue Reading


June 10, 2020

Brown, Wyden, Booker Seek Answers On Federal Use Of Facial Recognition Technology To Monitor Nationwide Protest

U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Sen. Ron Wyden (D-OR), Ranking Member of the U.S. Senate Committee on Finance, and Senator Cory Booker (D-N.J.), today sent a letter to Attorney General William Barr and Acting Secretary of Homeland Security Chad Wolf expressing concern about the use of facial recognition technology to gather information on those Americans who joined in protest of systemic racial injustice. A… Continue Reading

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