January 10, 2024

Brown Applauds Affirmation of 1071 Rule

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 after the Senate rejected an attempt to overrule President Biden’s veto of a Congressional Review Act (CRA) resolution to overturn the Consumer Financial Protection Bureau’s rule on small business lending pursuant to Section 1071 of the Dodd-FrankAct. The rule, designed to promote transparency and access to credit and combat discrimination in small business lending, will continue to make small business lending data more transparent.

The outcome of today’s vote is a win for the engines of our economy: small businesses and entrepreneurs,” said Brown.

In October, Brown went to the floor to call for his colleagues to support the rule.