Majority Press Releases
Waters, Brown Ask CFIUS to Evaluate National Security Risks of PGA Tour Merger with Saudi-Backed LIV
Today,Congresswoman Maxine Waters (D-CA),the top Democrat on the House Financial Services Committee, andSenator Sherrod Brown(D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, sent aletterto the Secretary of the U.S. Department of the Treasury and the Chair of the Committee on Foreign Investment in the United States (CFIUS) expressing concern about the recently announced merger of the PGA Tour, DP World Tour, and Saudi-backed LIV Golf. In the letter, the lawmakers so… Continue Reading
June 15, 2023
Brown, Scott Announce Agreement and Markup on New Bill to Hold Bank Executives Accountable for Failures
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) and Senator Tim Scott (R-SC), the leaders of the Senate Committee on Banking, Housing, and Urban Affairs, announced an agreement on the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act. The bill would protect the American taxpayer and hold senior executives of failed banks accountable by clawing back their compensation, penalizing them for their misconduct, and directing banks to strengthen corp… Continue Reading
June 15, 2023
Sen. Menendez, Rep. Velázquez Introduce Bicameral Bill to Stop Predatory Small Business Financing
WASHINGTON, D.C.– U.S. Senator Robert Menendez (D-N.J.) and Congresswoman Nydia M. Velázquez (D-N.Y.-07), the Ranking Member of the House Small Business Committee, today introduced the bicameral Small Business Financing Disclosure Act. The bill aims to protect small business borrowers from predatory lenders and small business financing options carrying unfair terms and conditions and would ensure safeguards already required in consumer lending, through the Truth in Lending Act. The bi… Continue Reading
June 15, 2023
Brown, Colleagues Urge PayPal, Venmo to Protect Users from Fraud
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, along with Senators Jack Reed (D-RI), Bob Menendez (D-NJ), and Elizabeth Warren (D-MA) sent a letter to Dan Schulman, President and CEO of PayPal, in response to reports of widespread fraud and scams on Venmo, a peer?to?peer instant payments platform owned by PayPal. The letter requests key information from PayPal including data on fraudulent activity taking place on… Continue Reading
June 13, 2023
Ahead of Bernstein’s Confirmation Vote, Brown Speaks on Senate Floor
WASHINGTON, D.C. – Today U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs took to the Senate floor to speak on Dr. Jared Bernstein’s nomination to lead the Council of Economic Advisors (CEA). The Senate confirmed Bernstein by a vote of 50-49. Sen. Brown’s remarks, as prepared for delivery, follow: I urge my colleagues to join me in supporting the nomination of Dr. Jared Bernstein to be Chairman of the Council… Continue Reading
June 13, 2023
Brown: The CFPB is Consumers’ Best Defender Against Wall Street
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. We created the Consumer Financial Protection Bureau to fight for all the Americans who have no other … Continue Reading
May 31, 2023
Brown: We Can Advance U.S. National Security, Economic Security, and Protect Against Threats Posed by China
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, “Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy.” Sen. Brown’s remarks, as prepared for delivery, follow: For far too long, our policy around China catered to multinational corporations, and failed working families. It devastated… Continue Reading
May 18, 2023
Brown to Financial Regulators: Use Your Authority to Protect Consumers
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, “Oversight of Financial Regulators: Financial Stability, Supervision, and Consumer Protection in the Wake of Recent Bank Failures.” Sen. Brown’s remarks, as prepared for delivery, follow: On Tuesday, we heard from the former executives of Silicon Valley Bank and Signature… Continue Reading
May 17, 2023
ICYMI: Brown Speaks to Consumer Federation of America on Attempts to Undercut CFPB Authority.
WASHINGTON, D.C. – In Case You Missed It: Senator Brown (D-OH), Chairman of the Senator Banking, Housing and Urban Affairs Committee, spoke at the Consumer Federation of America’s 57th Annual Consumer Assembly. In his address, Brown spoke about the need to protect the Consumer Financial Protect Bureau (CFPB) from Republican attempts to undercut its authority. Brown also highlighted an amicus brief he filed with Congresswoman Maxine Waters (D-CA43), Ranking member of the House Financi… Continue Reading
May 16, 2023
Brown Holds Failed Bank Executives Accountable for Mismanagement
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, “Examining the Failures of Silicon Valley Bank and Signature Bank.” Sen. Brown’s remarks, as prepared for delivery, follow: In the days after the run on Silicon Valley Bank, when it was closed by the California banking regulators and taken over by the FDIC, many in Washin… Continue Reading
May 15, 2023
Brown, Waters Lead 144 Current and Former Members on Amicus Brief Supporting CFPB
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA-43), Ranking Member of the House Financial Services Committee, led 144 current and former Members of Congress, including Democratic Leader Hakeem Jeffries (D-NY), Speaker Emerita Nancy Pelosi (D-CA) and 100 other current and former Members of the House of Representatives, as well as Democratic Leader Chuck Schu… Continue Reading
May 12, 2023
Brown Applauds Federal Reserve Nominees
WASHINGTON, D.C. – Today, 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 President Biden announced The Honorable Philip Jefferson for Vice Chair of the Federal Reserve, Dr. Adriana Kugler for Governor of the Federal Reserve, and the renomination of The Honorable Lisa D. Cook for Governor of the Federal Reserve: “These historic nominees have built their careers by putting workers and… Continue Reading
May 11, 2023
Brown Advances CEA, HUD, and Treasury Nominees
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the nominations of: Dr. Jared Bernstein, of Virginia, to be Chairman of the Council of Economic Advisers, Executive Office of the President; Dr. Ron Borzekowski, of Maryland, to be Director of Financial Research, Department of the Treasury; Mr. Solomon Jeffrey Greene, of the District of Columbia, to b… Continue Reading
May 11, 2023
Brown: Cannabis Banking must Help Legal Small Businesses and Empower Workers
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, “Examining Cannabis Banking Challenges of Small Businesses and Workers.” Sen. Brown’s remarks, as prepared for delivery, follow: Thank you to Senators Merkley and Daines for being here to testify and welcome to our other witnesses. And thank you to Ranking Member Scott fo… Continue Reading
May 9, 2023
Bipartisan Support Grows for Brown’s FEND Off Fentanyl Act
WASHINGTON, D.C. – To mark National Fentanyl Awareness Day, U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Senator Tim Scott (R-SC), the committee’s ranking member, highlight the rapidly growing support for the Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act. Chairman Jack Reed (D-RI) and Ranking Member Roger Wicker (R-MS) of the Senate Committee on Armed Services were original cosponsors of t… Continue Reading
May 4, 2023
Brown Presses Banks on Voice Authentication Services
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, sent letters to six large banks that offer voice authentication services, outlining concerns that artificial intelligence (AI) generated voice clips can allow fraudulent actors to break into customers’ accounts. “Despite these breaches, financial institutions continue to market voice authentication as safe and reliable without identifyin… Continue Reading
May 4, 2023
Brown: Executives Should Face Real Consequences For Their Actions
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, “Holding Executives Accountable After Recent Bank Failures.” Sen. Brown’s remarks, as prepared for delivery, follow: Most Americans who put their money in a bank should trust that it will be safe. They shouldn’t have to give it a second thought. That money isn̵… Continue Reading
May 3, 2023
Brown Applauds SEC’s Final Buyback Reporting Rule
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Securities and Exchange Commission (SEC) adopted new rules enhancing stock buyback disclosures. “Americans need to know that instead of raising wages, scaling up production, and investing in research and development, corporate executives spend billions on buybacks that enrich themselves and Wall Street. … Continue Reading
May 2, 2023
Brown Raises Concerns About Tellus’s Handling of Customers’ Money
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, wrote a letter to Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), outlining concerns with Tellus, a nonbank “fintech” company that advertises high-interest savings accounts, despite not being insured by the FDIC. In his letter, Brown urged that the FDIC review Tellus’ business practices to ensure that cust… Continue Reading
May 2, 2023
Brown: Flooding is Devastating Families, Homes, Businesses, and Communities
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, “Reauthorization of the National Flood Insurance Program: Improving Community Resilience.” Sen. Brown’s remarks, as prepared for delivery, follow: This hearing is a continuation of our efforts to enact a long-term reauthorization of the National Flood Insurance Program. T… Continue Reading
