Majority Press Releases
Brown Opening Statement at Hearing on Fannie, Freddie SIFI Designation
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 “Should Fannie Mae and Freddie Mac be Designated as Systemically Important Financial Institutions?”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for holding this hearing and thank you to our witnesses for being here today. Home is at the center o… Continue Reading
June 24, 2019
Brown to NCUA: Unacceptable To Extend Delay On Capital Rules
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 on the National Credit Union Administration’s (NCUA) decision to delay the implementation of its risk-based capital rule that protects the credit union system and its members. The NCUA Board approved a proposal to extend the effective date of its risk-based capital rule to January 1, 2022, the second time it has delayed … Continue Reading
June 24, 2019
Brown Statement on Wall Street Stress Test Results
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 on the Federal Reserve’s Dodd Frank Act Stress Test (DFAST) results. Stress tests are assessments performed by the Federal Reserve to ensure banks are strong enough to withstand a downturn in the economy without setting off another financial crisis. “Megabank CEOs aren’t playing T-ball, where everyone gets a… Continue Reading
June 18, 2019
BROWN: Financial Watchdogs Must Scrutinize Facebook Cryptocurrency Closely
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 on Facebook unveiling details of its cryptocurrency Libra. This new cryptocurrency will give Facebook competitive advantages with regard to collecting data about financial transactions, as well as control over fees and functionality. “Facebook is already too big and too powerful, and it has used that power to exploit users… Continue Reading
June 18, 2019
Brown Opening Statement at TRIA Reauthorization Hearing
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 Reauthorization of the Terrorism Risk Insurance Act”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you Senator Crapo for holding the Committee’s first hearing on the reauthorization of the Terrorism Risk Insurance Program. While the Program expires at the end of … Continue Reading
June 14, 2019
Senators Demand HUD Continue To Protect Housing Rights For Transgender Individuals
WASHINGTON, D.C. — U.S. Sens. Patty Murray (D-WA) - ranking member of the Senate HELP Committee, Sherrod Brown (D-OH) - ranking member of the U.S. Senate Banking, Housing, and Urban Affairs Committee, Elizabeth Warren (D-MA) and Robert Menendez (D-NJ) along with 8 senators are demanding that the Department of Housing and Urban Development (HUD) rescind its proposal that would weaken discrimination protections in HUD-funded emergency and temporary homeless shelters based on sex, includin… Continue Reading
June 13, 2019
Senators to CFPB: Data Critical To Ensuring Housing Access For All Americans
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs along with 18 Senators are demanding the Consumer Financial Protection Bureau (CFPB) rescind its proposal to further reduce reporting under the Home Mortgage Disclosure Act (HMDA). In opposition to the proposal, the senators wrote, “We are extremely concerned that the Consumer Financial Protection Bureau has once again put the interests the financial indu… Continue Reading
June 11, 2019
Brown Opening Statement at Data Privacy Hearing
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 “Data Brokers and the Impact on Financial Data Privacy, Credit, Insurance, Employment and Housing”. Sen. Brown’s remarks, as prepared for delivery, follow: I appreciate Chairman Crapo continuing these important, bipartisan efforts to protect Americans’ sensitive personal information.… Continue Reading
June 7, 2019
Brown To SEC: Put Investors First
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 on the Securities and Exchange Commission’s (SEC) final rule and interpretations issued this week on the standards of conduct for investment advisers and broker-dealers. This rule weakens investor protection and allows Wall Street to continue gaming the system at the expense of Americans saving and investing for their futu… Continue Reading
June 6, 2019
In Wake of Crackdown on Annoying Robocalls, Menendez, Brown Lead Colleagues in Calling on Trump Administration to Protect Consumers from Abusive Debt Collection Tactics
WASHINGTON, D.C. - Following passage of legislation cracking down on annoying and unwanted robocalls, U.S. Senators Bob Menendez (D-N.J.) and Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, today led a group of 24 colleagues in calling on Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger to reverse a proposed rule that would, for the first time, allow debt collection companies to send unlimited texts and emails to consumers. Just last year, ofte… Continue Reading
June 6, 2019
Brown, Van Hollen Senate Democrats Urge Fed Investigate Deutsche Bank’s Relationship with Trump and Kushner
WASHINGTON - Today U.S. Senators Chris Van Hollen (D-Md.) and Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, led a letter with Democrats on the Committee asking the Federal Reserve to investigate Deutsche Bank’s relationship with President Trump and Jared Kushner, following reports that Bank officials ignored suspicious activities on accounts associated with the two men. Senators Jack Reed (D-R.I.), Robert Menendez (D-N.J.), Elizabeth Warren (D-Mass.), Catherine C… Continue Reading
June 4, 2019
Brown Opening Statement at Banking Committee Hearing on Confronting Threats From China
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 “Confronting Threats From China: Assessing Controls on Technology and Investment, and Measures to Combat Opioid Trafficking”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for calling this important hearing to assess key questions before the committee… Continue Reading
May 23, 2019
ICYMI: Brown Presses Treasury To Investigate Deutsche Bank
In case you missed it, MSNBC’s Rachel Maddow discussed with Senate Banking Committee ranking member Sherrod Brown his demands for more information from Deutsche Bank following the New York Times story exposing that the bank’s anti-money laundering specialists had repeatedly recommended the filing of suspicious activity reports (SARs) on transactions by Trump entities, including the Trump Foundation, and by Kushner companies -- including transactions with overseas actors. · … Continue Reading
May 21, 2019
Senators To Deutsche Bank: Why Did You Block Filing Of Trump And Kushner Suspicious Activity Reports?
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 Sen. Chris Van Hollen (D-MD) are demanding more information from Deutsche Bank following the New York Times story exposing that the bank’s anti-money laundering specialists had repeatedly recommended the filing of suspicious activity reports (SARs) on transactions by Trump entities, including the Trump Foundation, and by Kushner companies -- including… Continue Reading
May 21, 2019
Brown Opening Statement Hearing On Beneficial Ownership
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 “Combating Illicit Financing by Anonymous Shell Companies Through the Collection of Beneficial Ownership Information”. Sen. Brown’s remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for calling this important hearing as a follow-up to previous hearings in the Committ… Continue Reading
May 15, 2019
Brown Opening Statement at Hearing on Oversight of the Financial Regulators
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 Financial Regulators”. Sen. Brown’s remarks, as prepared for delivery, follow: When you look at all the rules the regulators have torn up over the last year and a half, you have to wonder if they want to see another financial crisis. In 2006, back when President Tru… Continue Reading
May 14, 2019
Brown Slams Mnuchin's Proposed Changes to Nonbank SiFi Designations
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 a statement today opposing the Financial Stability Oversight Council’s (FSOC) proposed interpretive guidance for nonbank SIFI designations. Brown’s comments come after former Chairs of the Federal Reserve, Ben Bernanke and Janet Yellen and former Secretaries of the Treasury, Timothy Geithner and Jacob Lew submitted a comment letter opposing FSOC’… Continue Reading
May 13, 2019
Brown: Regulators Must Take Action to Address Risks of Leveraged Lending
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - sent a letter ahead of the Senate Banking Committee’s May 15th hearing to Federal Reserve Vice Chair Randal Quarles, OCC Comptroller Joseph Otting, FDIC Chair Jelena McWilliams, and NCUA Chair Rodney Hood, requesting that the regulators be prepared to answer how their agencies are responding to the emerging threat of leveraged lending. Despite growing con… Continue Reading
May 10, 2019
Brown Condemns Trump Administration's Proposed Anti-Family Housing Rule
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - condemns the Department of Housing and Urban Development’s (HUD) proposed rule that would result in the loss of housing for tens of thousands of eligible people, including American children. The proposal would do away with regulations that preserve families by permitting members with mixed immigration status to live together, provided that ineligible mem… Continue Reading
May 9, 2019
Brown: Any Conversation About GSE Reform Must Be Inclusive of All Communities
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 a speech at the National Association of Real Estate Brokers (NAREB) Spring Policy Conference. NAREB is the historically African-American realtors association founded in 1947 to promote equal opportunity in housing. Sen. Brown highlighted the critical importance of an equitable housing finance system that is inclusive of all Americans. Sen. Br… Continue Reading
