Majority Press Releases

July 11, 2023

Brown Statement on Bank of America Breaking The Law

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown, Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) announced a $250 million enforcement action against Bank of America for withholding credit card rewards, double-dipping on customer fees, and opening fake accounts. “Bank of America has clearly broken the law in yet another case … Continue Reading


July 11, 2023

Brown, Colleagues Introduce Bill to Crack Down on Big Corporate Investors that Buy Up Local Homes, Drive Up Housing Prices

WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, along with Senator Ron Wyden (D-OR), Chair of the Senate Finance Committee, and Senators Tina Smith (D-MN), Jeff Merkley (D-OR), Jack Reed (D-RI), John Fetterman (D-PA), Elizabeth Warren (D-MA) and Tammy Baldwin (D-WI) introduced a new bill to restrict tax breaks for big corporate investors that buy up homes, often driving up local housing prices and rents. The Stop Pre… Continue Reading


July 6, 2023

Brown, Colleagues Urge CFPB to Protect Consumers from Scams Using AI

WASHINGTON, D.C. - Today, U.S. SenatorsSherrod Brown (D-OH),Bob Menendez (D-NJ), Jack Reed (D-RI), and Tina Smith (D-MN) are urging Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to take action to protect consumers from scams and fraud caused by artificial intelligence (AI) and machine learning in consumer financial products. The lawmakers raised concerns over AI voice cloning technology which can allow scammers to fraudulently access consumers’finances including their bank ac… Continue Reading


June 27, 2023

Here’s What They’re Saying: National Media, Unions, Fellow Senators Highlight Brown’s Bipartisan Legislation to Claw Back Executive Compensation for Failed Banks

WASHINGTON, D.C. – Last week, the Senate Banking, Housing, and Urban Affairs Committee, passed the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act out of the committee with overwhelming, bipartisan support. The bill, which was written by U.S. Senators Sherrod Brown (D-OH) and Tim Scott (R-SC) – the Committee’s Chair and Ranking Member, would protect American taxpayers and hold senior executives of failed banks accountable by clawing back the… Continue Reading


June 26, 2023

ICYMI: Washington Post Editorial Board: “A bipartisan bill to seize CEO pay would discourage future banking crises”

WASHINGTON, D.C. – The Washington Post Editorial Board and Crain’s Cleveland Business Editorial Board threw their support behind Senate Banking and Housing Committee Chair Sherrod Brown’s bipartisan Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act.  Brown introduced the bill with Ranking Member Tim Scott (R-SC) to hold bank executives accountable for their failures. The RECOUP Act passed out of the Banking and Housing Committee… Continue Reading


June 22, 2023

Brown: Workers Need Job Opportunities, High Wages, and Low Prices

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 on “The Semiannual Monetary Policy Report to the Congress.” Sen. Brown’s remarks, as prepared for delivery follow: For the economy to truly deliver security and opportunity for American workers, we need plentiful job opportunities, we need high wages, and we need low prices. Price… Continue Reading


June 21, 2023

Brown: These Nominees Will Put Workers and Communities at The Center of Our Economy

WASHINGTON, D.C. –  Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs delivered the following opening statement at today’s nomination The Honorable Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the Board of Governors of the Federal Reserve System; The Honorable Lisa DeNell Cook, of Michigan, to be a Member of the Board of Governors of the Federal Reserve System; and The Honorable Adr… Continue Reading


June 21, 2023

Brown Advances Bipartisan Bills to Hold Bank Executives Accountable and Curb the Flow of Deadly Fentanyl into Communities

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 a legislative markup of hisFentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act and Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act. The FEND Off Fentanyl Act passed unanimously, and the RECOUP Act advanced by a vote of 21-2 . Sen. Brown’s remarks, as prepared for delivery follow:… Continue Reading


June 16, 2023

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

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