Minority Press Releases

December 11, 2018

Brown Opening Statement at Banking Committee Hearing on Oversight of the SEC

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 U.S. Securities and Exchange Commission’. Sen. Brown’s remarks, as prepared for delivery, follow:Thank you Chairman Crapo, and welcome to Chair Clayton.As I believe this will be the last Banking Committee hearing for this Congress, I would like to express my thanks… Continue Reading


December 6, 2018

Brown Opening Statement at Banking Committee Hearing on Proxy Process and 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 - delivered the following opening statement at today's hearing entitled 'Proxy Process and Rules: Examining Current Practices and Potential Changes'. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Chairman Crapo, and welcome to our witnesses. All too often, we see corporate boards and executives focus on short-term profits, instead of lo… Continue Reading


December 6, 2018

Brown and Rubio Announce Legislation to Protect Small Businesses from Predatory Lenders

WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Marco Rubio (R-FL) introduced legislation to protect small businesses by codifying the Federal Trade Commission's (FTC) 1985 ban on confessions of judgement in consumer loan contracts and extending the ban to include small business borrowers. Confessions of judgment require a borrower to give up her rights in court before obtaining a loan, an… Continue Reading


November 29, 2018

Brown Floor Speech Opposing Kathy Kraninger's Nomination For CFPB Director

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 floor speech opposing Kathy Kraninger's nomination for Director of the Consumer Financial Protection Bureau (CFPB). Sen. Brown warns that Kraninger will continue to be a rubber stamp for this Administration's anti-consumer agenda. Sen. Brown led Senate Democrats to unanimously oppose moving forward with nominating Kraninger to the CFPB. … Continue Reading


November 29, 2018

Brown Opening Statement at Banking Committee Hearing On Combating Money Laundering and Other Illicit Finance

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 Money Laundering and Other Illicit Finance: Regulator and Law Enforcement Perspectives on Reform'. Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman, for calling this hearing. Even with all of the tough, comprehensive protections we've put in plac… Continue Reading


November 27, 2018

Brown Releases Report on Mick Mulvaney's Year of Attacks on Servicemembers, Students, and Working Families

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 'Pushing the Envelope: The Consumer Financial Protection Bureau Under the Trump Administration' report to Congress. The report details how Mr. Mulvaney has undermined the Bureau's mission to enforce consumer protections in order to push the financial industry's wish list. The CFPB was a great success during its first six years. The Bureau obtained alm… Continue Reading


November 1, 2018

Brown Statement on the Federal Reserve's Proposal to Weaken Rules for Large U.S. Banks

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 proposal to weaken systemic risk protections for banks with up to $700 billion in assets. "This Administration and Congress continue to fail hardworking Americans by weakening protections that guard taxpayers from big bank risk," said Brown. "What's worse, the Fed said that more roll backs for foreign … Continue Reading


October 17, 2018

Brown Statement On FSOC's De-Designation of Prudential

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 Financial Stability Oversight Council's (FSOC) decision to rescind designation of Prudential Financial as a systemically important financial institution. "I'm deeply disappointed, but not surprised, by the decision of the FSOC under Secretary Mnuchin's leadership to abandon the Council's mission to protect taxpayers from… Continue Reading


October 12, 2018

Crapo, Brown Applaud Passage of Hezbollah Sanctions Bill

WASHINGTON- The U.S. Senate passed the bipartisan Hezbollah InternationalFinancing Prevention Amendments Act (S. 1595), backed by Senate Banking Committee ChairmanMike Crapo (R-Idaho) and Ranking MemberSherrod Brown (D-Ohio), Senators Marco Rubio (R-Florida) and Jeanne Shaheen(D-New Hampshire), and House Foreign Affairs Committee Chairman Ed Royce (R-California)and Ranking Member Eliot Engel (D-New York). The bill now heads to thePresident to be signed into law. AsChairman and Ranking Member of… Continue Reading


October 11, 2018

Brown Opening Statement at Banking Committee Hearing on Cryptocurrency and Blockchain

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 'Exploring the Cryptocurrency and Blockchain Ecosystem'. Thank you, Chairman Crapo, for holding this hearing. And thank you to Mr. Van Valkenburgh and Dr. Roubini for your testimony. Today's hearing happens to fall just shy of the tenth anniversary of bitcoin and the blockchain being introd… Continue Reading


October 4, 2018

Banking Committee Democrats Call for Hearing to Hold Wells Fargo Accountable For Consumer Abuses

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 his Democratic colleagues are calling on the Senate Banking Committee to hold a hearing with Wells Fargo CEO Tim Sloan and Chair of the Board of Directors Elizabeth Duke, in the wake of the bank's rampant consumer abuses revealed over the last year. More than a dozen widespread and persistent failures by the bank have come to light since Tim Sloan la… Continue Reading


October 3, 2018

Senate Democrats Demand Mick Mulvaney Explain Vetting Process of CFPB Political Appointees after Racist and Sexist Blog Post Surfaces

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 12 Senate Democrats is demanding CFPB leadership explain how Consumer Financial Protection Bureau Policy Director Eric Blankenstein was chosen to oversee supervision, enforcement, and fair lending issues given his past racist writings. Last week, the Washington Post uncovered a 2004 blog where Blankenstein, under an alias, posted bigoted writings on… Continue Reading


October 2, 2018

Brown Opening Statement at Banking Committee Hearing on Implementation of the Dodd-Frank Rollback Bill, S.2155

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 'Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act' Sen. Brown's remarks, as prepared for delivery, follow: This hearing was originally scheduled for September 13-the same week ten years ago that Lehman Brothers declared bankruptcy, paving the way fo… Continue Reading


October 1, 2018

Brown Floor Speech: Author of Racist Blog Posts Cannot be Entrusted with Enforcing Anti-Discrimination Laws

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 floor speech calling for the firing of Consumer Financial Protection Bureau (CFPB) political appointee Eric Blankenstein after the Washington Post uncovered a past blog where Blankenstein has posted bigoted writings on race, hate crimes and women. In his current role as Policy Director at CFPB, Blankenstein is charged with enforcing cons… Continue Reading


September 28, 2018

Brown: Author of Racist Blog Posts Cannot be Entrusted with Enforcing Anti-Discrimination Laws

WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - is calling for the firing of Consumer Financial Protection Bureau (CFPB) political appointee Eric Blankenstein after the Washington Post uncovered a past blog where Blankenstein has posted bigoted writings on race, hate crimes and women. In his current role as Policy Director at CFPB, Blankenstein is charged with enforcing consumer protection laws, including l… Continue Reading


September 18, 2018

Brown Opening Statement at Banking Committee Hearing on Fintech

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 'Fintech: Examining Digitization, Data and Technology'. Sen. Brown's remarks, as prepared for delivery, follow: In the run-up to the financial crisis, Wall Street banks bragged about innovations that they claimed made the financial system less risky and credit more affordable. Some of these… Continue Reading


September 14, 2018

Brown, Merkley, Menendez, Cortez Masto Demand Details of Kathy Kraninger’s Role in Transferring $9.8 Million from FEMA to ICE

WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today joined with U.S. Senators Jeff Merkley (D-OR), Robert Menendez (D-NJ) and Catherine Cortez Masto (D-NV), requesting that Office of Management and Budget Program Associate Director and nominee for Director of the Consumer Financial Protection Bureau (CFPB) Kathy Kraninger provide documents related to her role in transferring funds away from Federal Emergen… Continue Reading


September 6, 2018

Brown Opening Statement at Banking Committee Hearing on Russia Sanctions

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 'Outside Perspectives on Russia Sanctions: Current Effectiveness and Potential for Next Steps'. Sen. Brown's remarks, as prepared for delivery, follow: Today we gather to further assess Russia's persistent efforts to attack the US and our allies via cyber, influence and other campaigns di… Continue Reading


August 28, 2018

Brown Warns Against Divisive Changes to the Community Reinvestment Act

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 Office of the Comptroller of the Currency's (OCC) Advance Notice of Proposed Rulemaking (ANPR) seeking comment on ways to overhaul the Community Reinvestment Act (CRA). The CRA - meant to address generations of segregation and discrimination in bank lending - is one of the most important accomplishments of the Civil Right… Continue Reading


August 27, 2018

Brown Statement On Resignation of CFPB Student Loan Watchdog

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 resignation of the Consumer Financial Protection Bureau's (CFPB) Student Loan Ombudsman and Assistant Director for the Office for Students and Young Consumers, Mr. Seth Frotman. Mr. Frotman and his office were in charge of protecting student borrowers from predatory lending practices and financial schemes in the $1.5 tril… Continue Reading

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