March 09, 2017

Brown Opening Statement at Markup of Bipartisan Securities Bills

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 opening statement, as prepared for delivery, at today’s markup of a slate of bipartisan securities bills.

The bills address access to securities research (S. 327, Heller-Peters), capital formation for small businesses (S. 444, Heitkamp-Heller), refunding overpayment of Securities and Exchange Commission fees (S. 462, Heller-Heitkamp-Toomey-Donnelly), exemptions from aspects of certain securities laws for investment companies in U.S. territories (S. 484, Menendez-Hatch), and employee ownership of stock (S. 488, Toomey-Warner).

Brown’s remarks, as prepared for delivery, follow:

Sen. Sherrod Brown – Opening Statement
Markup of Securities Bills
March 9, 2017

I want to thank Senator Crapo for holding today’s markup. This markup is an opportunity for Members of the Banking Committee to advance their bipartisan bills, most of which were previously introduced in the Senate and several of which were broadly supported in the House last Congress. 

The five bills before us address discrete areas of securities regulation.  The work this Committee has done in preparation for today’s markup shows how we can consider a range of issues, focus in on the topics that have bipartisan support, and move bills that can be passed into law.  I want to thank my colleagues and their staffs for their work on these bills and the amendments that they have offered.

I also believe there are additional commonsense measures that the Committee can turn to after this markup that would enhance investor safeguards and protect the integrity of the markets. 

It should be obvious that protecting investors and strengthening the integrity of the markets is a necessary condition for successful capital formation.  And while there are perennial demands from members to move capital formation initiatives, people – including retirees and their pension funds – need to trust that the system works before committing to invest their hard-earned money.

In the coming months we will consider a new SEC Chair and new SEC Commissioners, and I will call on them to focus on the SEC’s mission to protect investors. 

Accordingly, I hope our Republican colleagues will work with me and other Democrats on the Committee on additional measures that will give investors confidence in the markets and small companies the opportunity to succeed, without letting Wall Street run wild.

Thank you, Chairman Crapo.