Majority Press Releases
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
October 24, 2023
Brown Applauds Rule to Fight Discrimination, Spur Investment in Communities
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement on the final Community Reinvestment Act (CRA) rule issued by the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). The new rule will modernize and strengthen implementation of the CRA, helping make sure that banks honor their commitment to communities that… Continue Reading
October 19, 2023
Brown, Braun Introduce Bipartisan Bill to Support Veteran Homebuyers
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Senator Mike Braun (R-IN), introduced new legislation to help inform veteran homebuyers of their eligibility for the VA Home Loan Program, which helps more veterans achieve the dream of homeownership. “By letting veterans and servicemembers know they may be eligible for a VA home loan, we can help make the dream of homeownership a reality for more military famil… Continue Reading
October 19, 2023
Brown Opening Statement at Nominations Hearing
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held a hearing to consider the nominations of Ms. Tanya Otsuka to be a Member of the National Credit Union Administration, the Honorable Mark Uyeda to be a Member of the Securities and Exchange Commission, the Honorable Spencer Bachus III to be a Member of the Board of Directors of the Export-Import Bank, the Honorable Jennifer Fain to be Inspector General, Federa… Continue Reading
October 18, 2023
Brown, Colleagues Call on Administration to Address Crypto-Financed Terrorism After Reports of Hamas Raising Millions in Crypto to Fund Operations
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), along with Senator Elizabeth Warren (D-MA) and a bipartisan group of more than 100 lawmakers in the House and Senate, sent a letter to National Security Advisor Jake Sullivan and Brian Nelson, Under Secretary for Terrorism and Financial Intelligence at the Department of the Treasury. Their letter raised grave concerns about reports that in the months leading up to their brutal October 7th terrorist attack on Israel, Hamas and Palestini… Continue Reading
October 18, 2023
Brown Calls on Colleagues to Support Transparency in Small Business Lending
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, took to the Senate floor ahead of a Congressional Review Act (CRA) vote to overturn the Consumer Financial Protection Bureau’s rule on small business lending pursuant to Section 1071 of the Dodd-Frank Act. The rule is designed to promote access to credit and combat discrimination in small business lending by making small business lending data more transparent. Se… Continue Reading
October 11, 2023
Statement: Brown on Additional Action Needed to Support Israel
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement: “Congress’s priority right now must be providing robust military, economic, and humanitarian aid to support Israel as they defend themselves against Hamas’s horrific terrorist attack. We must also confirm key national security nominees who play a critical role in working with their Israeli partners,” said Brown. “While we undertake this work, the B… Continue Reading
October 11, 2023
Brown Hails Junk Fee Crackdown
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) announced new actions against companies charging consumers junk fees. “These fees are just another way for big banks and big companies to hide their true prices and charge Americans more. By cracking down on junk fees, the CFPB is keeping money in Americans’ bank accounts,… Continue Reading
October 10, 2023
Brown Statement on the Ongoing Situation in Israel
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement on the ongoing situation in Israel. “I want to be clear: Israel has the right to exist and the right to self-defense. I will keep working in a bipartisan way to ensure that Israel has the resources to defend itself and that the United States is doing everything we can to support our ally. I am speaking with my colleagues, the administration, the Is… Continue Reading
October 4, 2023
Brown Raises Concerns About Wells Fargo’s Unfair Labor Practices
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, raised concerns about unfair labor practices at Wells Fargo to Acting Comptroller Michael Hsu and Federal Reserve Vice Chair Michael Barr. In his letter, Brown cites that over the past year, employees at several Wells Fargo branches have filed Unfair Labor Practice charges with the National Labor Relations Board. Additionally, employees at Wells Fargo who tried to… Continue Reading
October 3, 2023
Brown Issues Statement Ahead of Supreme Court Oral Arguments in Case that Threatens the Foundation of the CFPB
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 ahead of Supreme Court oral arguments in the case of Consumers Financial Protection Bureau v. Community Financial Services Association of America, a case which threatens the foundation of the Consumer Financial Protection Bureau and other similarly independent funded agencies: “We created the Consumer Financial Protection Bureau t… Continue Reading
September 29, 2023
Brown Announces Big Bank Oversight Hearing
Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, announced that the committee will hold its annual hearing to conduct oversight of the nation’s largest banks. The participating CEOs are from the eight Global Systemically Important Banks (G-SIBs) headquartered in the U.S.: JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, Bank of New York Mellon, Morgan Stanley, State Street, and Wells Fargo. The hearing is scheduled for Wednesday… Continue Reading
September 27, 2023
Brown Advances Bipartisan SAFER Banking Act
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held a legislative markup on the SAFER Banking Act. The SAFER Banking Act passed out of committee by a vote of 14-9. Sen. Brown’s remarks, as prepared for delivery follow: Today we will mark up the bipartisan legislation: S. 2860, the Secure And Fair Enforcement Regulation Banking Act [SAFER Banking Act]. I want to thank Senators Merkley and Daines for all the… Continue Reading
September 21, 2023
Brown Applauds The Nomination Of Tanya Otsuka To Be A Member Of The NCUA Board
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 Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. Currently, Otsuka works for Chair Brown as Senior Counsel for the Senate Banking and Housing Committee. “Tanya Otsuka is an exceptional choice to serve as a National Credit Union Administration board member. A… Continue Reading
September 20, 2023
Brown Announces Markup on SAFER Banking Act
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, announced a markup on the “Secure And Fair Enforcement Regulation Banking Act” or the SAFER Banking Act of 2023. The bill was introduced by Senator Jeff Merkley (D-OR) and Senator Steve Daines (R-MT), and supported by a bipartisan group of lawmakers. The SAFER Banking Act would allow banks and credit unions to serve cannabis businesses and their workers in states where can… Continue Reading
September 20, 2023
Brown: AI Must Come with Consumer and Worker Protections
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 “Artificial Intelligence in Financial Services.” Sen. Brown’s remarks, as prepared for delivery follow: New technology in our financial system has done plenty of good for Americans. The ATM gave people easier access to their own money. The Internet simplified bill paying and gave people new ways to… Continue Reading
September 14, 2023
Brown: Crypto Markets’ Lack of Transparency Hurts Americans
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, urged Treasury Secretary Janet Yellen, Securities and Exchange Commission Chair Gary Gensler, and Commodity Futures Trade Commission Chair Rostin Behnam to strengthen transparency in cryptocurrency markets to protect Americans’ money. The current lack of full disclosure about digital assets products and platforms leaves the public vulnerable to fraud and scams - and … Continue Reading
