Majority Press Releases
Brown Presses Big Banks To Follow Through On Promise To Servicemembers
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, urged the CEOs of the four largest consumer banks to proactively ensure that servicemembers receive the benefits they deserve. As Senator Brown said at last week’s annual big bank accountability hearing, the Servicemembers Civil Relief Act (SCRA) caps interest rates for active duty servicemembers at 6 percent. However, banks like JP Morgan Chase, Wells Fargo, Ban… Continue Reading
December 13, 2023
Brown Presses Biden Admin On Its Strategy To Fight Fentanyl Trafficking
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, called on the Biden Administration to detail its strategy to address the role the governments of China and Mexico play in illicit fentanyl trafficking. In a letter, Brown called on Treasury Secretary Janet Yellen to lay out specific benchmarks for the administration’s strategy for combating fentanyl trafficking and the opioid crisis and ensure accountability from … Continue Reading
December 6, 2023
Brown to Banks: Higher Capital Requirements Protect Consumers and Taxpayers From Wall Street's Risky Bets
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, “Annual Oversight of Wall Street Firms.” Sen. Brown’s remarks, as prepared for delivery follow: The eight bank CEOs appearing before us today lead the biggest global, systemically important banks in the United States. Your banks hold nearly $15 trillion in assets, manage trillions of dollars… Continue Reading
December 5, 2023
Ahead of Big Bank Hearing, Banking and Housing Committee Releases Fact Sheet on Wall Street Megabanks
Today, the U.S. Senate Committee on Banking, Housing, and Urban Affairs majority released a fact sheet on the nation’s largest banks. These banks play an outsized role in our economy, with a significant share of U.S. deposits and assets totaling $14.8 trillion, and broad reach across the financial system. While Wall Street banks argue that stronger rules to protect the public will be too expensive, they are actually making billions of dollars in profits every year and paying CEOs several hundred… Continue Reading
November 30, 2023
Brown, Colleagues Urge Federal Reserve to Strengthen Guardrails for the Biggest Banks
WASHINGTON, D.C. - Today, U.S. Senators Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Jack Reed (D-RI), a senior member of the Banking and Housing Committee, Elizabeth Warren (D-MA), and John Fetterman (D-PA) expressed strong support for the Federal Reserve’s efforts to strengthen the safety and soundness of the global systemically important banking organizations (GSIBs). In a letter to Federal Reserve Vice Chair of Supervision Michael Barr, the S… Continue Reading
November 30, 2023
Brown: The CFPB Is How Consumers and Servicemembers Take on Powerful Special Interests
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. Since the CFPB first opened its doors, we have had more than a decade of progress towards rooting out abuses and injustices for consumers … Continue Reading
November 29, 2023
Brown, Reed Warn Regulators of Risks Posed by Private Credit Market
WASHINGTON, D.C. - Today, U.S. Senators Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Jack Reed (D-RI), a senior member of the Banking and Housing Committee, urged financial regulators to assess the potential risks posed by the growing private credit market. In a letter to Federal Reserve Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corporation Chair Martin Gruenberg, and Acting Comptroller Michael Hsu, the Senators urged… Continue Reading
November 28, 2023
Brown, Fetterman Press Cleveland Fed on Transparency in Selecting New President
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator John Fetterman (D-PA) pressed the presidential selection committee to ensure the selection process for the next President of the Cleveland Federal Reserve is transparent and includes public input. The Senators emphasized the importance of selecting a President that reflects the diversity of the region and that will put working families first. “The rec… Continue Reading
November 21, 2023
Brown Statement on FDIC Investigation
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 it was announced that the Federal Deposit Insurance Corporation (FDIC) Board will establish a Special Committee to oversee the independent review of agency culture. “The FDIC Board has taken appropriate steps so that the oversight of the outside firm’s assessment of the agency’s culture can proceed independently,” said Brown. … Continue Reading
November 17, 2023
Brown Leads Committee Democrats in Calling for An Independent Investigation of FDIC Culture
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, led 11 members of the Senate Banking and Housing Committee in calling for an independent investigation into the Federal Deposit Insurance Corporation (FDIC) after reports that the agency has failed to fix a toxic culture of sexual harassment and misconduct, discrimination, and misogyny. In a letter to FDIC Acting Inspector General Tyler Smith, the senators express… Continue Reading
November 16, 2023
Brown Calls for Independent Investigation into FDIC’s Workplace Culture
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 following reports of a toxic work culture at the Federal Deposit Insurance Corporation (FDIC). “The reports are extremely concerning. I am calling for the FDIC’s Office of the Inspector General to conduct an independent and thorough investigation into the workplace culture at the agency.” ###… Continue Reading
November 16, 2023
Brown, Tester, Reed, Kaine Urge VA Secretary to Help Veterans Stay in Their Homes
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 Jon Tester (D-MT), Chairman of the Senate Committee on Veterans’ Affairs and a senior member of the Banking and Housing Committee, Jack Reed (D-RI), a senior member of the Banking and Housing Committee and Chairman of the Senate Committee on Armed Services, and Tim Kaine (D-VA), a member of the Senate Committee on Armed Services, urged Depa… Continue Reading
November 14, 2023
Brown to Financial Regulators: You Are Responsible for Making Sure the Financial System Operates Safely
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Banking, Housing, and Urban Affairs Committee delivered the following opening statement at today’s hearing on “Oversight of Financial Regulators: Protecting Main Street Not Wall Street.” Sen. Brown’s remarks, as prepared for delivery follow: Today we’ll hear testimony from the heads of the four federal agencies responsible for protecting our banking and credit union system and making sure it serves everyone: the… Continue Reading
November 8, 2023
Ahead Of Veterans Day, Brown and Colleagues Urge Credit Reporting Agencies to Better Protect Servicemembers’ Credit Reports
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held a conference call outlining concerns that servicemembers and their families are not receiving the credit report protections required by law from the big three credit reporting agencies. Brown, along with Senators Jack Reed (D-RI), a senior member of the Banking Committee and Chairman of the Armed Services Committee, Catherine Cortez Masto (D-NV), Chris Van Ho… Continue Reading
November 7, 2023
Brown Statement on Release of Comprehensive Federal Home Loan Bank Review
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Banking, Housing, and Urban Affairs Committee, released the following statement after the Federal Housing Finance Agency (FHFA) issued a report on the Federal Home Loan Bank (FHLBank) System. “The Federal Home Loan Bank System has played an important role in our housing market for 90 years. It is important that Director Thompson and FHFA undertook this comprehensive review, and I look forward to working with my c… Continue Reading
November 7, 2023
Brown Advances Nominations for NCUA, SEC, FDIC, SIPC, and Export-Import Bank
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held an executive session to vote on the nominations of Ms. Tanya Otsuka, of Virginia, to be a Member of the National Credit Union Administration; The Honorable Mark Uyeda, of California, to be a Member of the Securities and Exchange Commission; The Honorable Spencer Bachus III, of Alabama, to be a Member of the Board of Directors of the Export-Import Bank; Ms. Je… Continue Reading
November 3, 2023
Brown Statement on Sam Bankman-Fried’s Conviction
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 on the conviction of FTX founder Sam Bankman-Fried: “This verdict is a victory for everyone fighting fraud and scams in crypto. In this trial, we saw how crypto companies like FTX think the law doesn’t apply to them, gamble with consumers’ money, and lie to the public. Americans continue to lose money every day in crypto scams and f… Continue Reading
November 2, 2023
Brown: CFPB is Servicemembers’ and Veterans’ Key Defender Against 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, delivered the following opening statement at today’s hearing on “Ensuring Financial Protection for Servicemembers, Veterans, and Their Families.” Sen. Brown’s remarks, as prepared for delivery follow: As we approach Veterans Day next week, we are all reminded of the unique challenges that servicemembers and their families face as they serve our nation. Families… Continue Reading
October 31, 2023
Brown Statement on New Proposal to Protect Workers’ and Retirees’ Financial Security
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, applauded a new proposed rule by the Department of Labor to protect retirement savers from high fees and ensure employer retirement account advisers put the best interests of workers first. “It’s simple: workers investing their hard-earned savings for retirement deserve advice that is in their best interest, not recommendations for high-fee, often risky investments that happen to pay adv… Continue Reading
October 26, 2023
Brown: To Fight Terrorism, We Must Expose How Terrorists Finance Their Attacks
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 on “Combating the Networks of Illicit Finance and Terrorism.” Sen. Brown’s remarks, as prepared for delivery follow: Earlier this month, the world watched in horror as Hamas committed brutal acts of terrorism against the people of Israel. Hamas murdered innocent women and men and children. They attac… Continue Reading
