Majority Press Releases
Brown Statement on FDIC Nominees
WASHINGTON, D.C. — 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 nominations of Jonathan McKernan and Travis Hill to be board members of the Federal Deposit Insurance Corporation (FDIC).“The FDIC keeps our banking system safe, insures our deposits, and helps support our nation’s smallest banks. It requires experienced leadership and a board that will focus on prote… Continue Reading
September 20, 2022
Ahead of Big Bank Hearing, Banking Democrats Release Snapshots on Citi and Bank of America
WASHINGTON, D.C. — Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of two of the nation’s largest megabanks, Citi and Bank of America.Bank of America and Citi - along with, Truist, PNC, U.S. Bank, JP Morgan Chase, and Wells Fargo - play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trillion that repres… Continue Reading
September 20, 2022
Brown: Sanctions Are a Necessary Tool to End Russian Aggression
WASHINGTON, D.C. — 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 hearing entitled “Tightening the Screws on Russia: Smart Sanctions, Economic Statecraft, and Next Steps.”Sen. Brown’s remarks, as prepared for delivery, follow:Vladimir Putin’s war on Ukraine has massacred innocent civilian communities, leveled cities, weaponized food and energy sources, imperiled the security of a n… Continue Reading
September 19, 2022
Ahead of Big Bank Hearing, Banking Democrats Release Snapshots on PNC, Truist, US Bancorp
WASHINGTON, D.C. — Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of three of the nation’s largest regional banks, U.S. Bancorp, PNC, and Truist.U.S. Bancorp, PNC, and Truist - along with Bank of America, Citi, JP Morgan Chase, and Wells Fargo - play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trill… Continue Reading
September 16, 2022
Brown Statement on Biden Administration Crypto Reports
Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement regarding the reports released today following an executive order by President Biden directing Treasury and other agencies to study digital assets.“Today’s reports highlight the risks that cryptocurrencies could pose to our economy if not regulated carefully and comprehensively, the opportunities a central bank digital currency could create, and the chall… Continue Reading
September 15, 2022
Brown Applauds CFPB Action on Buy Now, Pay Later Products
Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Consumer Financial Protection Bureau announced that it will ensure consumer financial protections apply to newer financial products.“Financial products that are well-designed, transparent, and regulated can help workers pay off an unexpected car repair, or help with the grocery bill, or cover a medical expense. But too often these new products… Continue Reading
September 15, 2022
Brown to Gensler: Our Markets Should Work for Everyone
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 hearing entitled “Oversight of the U.S. Securities and Exchange Commission,” featuring SEC Chair Gary Gensler.Sen. Brown’s remarks, as prepared for delivery, follow:Welcome back Chair Gensler.Workers and their families don’t measure the economy by the stock market, and neither should we.It’s why in the Senate and in the Biden Administr… Continue Reading
September 13, 2022
Brown: We Must Protect Consumers' Hard-Earned Money
WASHINGTON, D.C. — 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 hearing entitled “New Consumer Financial Products and the Impacts to Workers.”Sen. Brown’s remarks, as prepared for delivery, follow:Hard work should pay off for everyone.That’s the American dream. That’s what the dignity of work is all about - it’s a concept that Pope Leo XIII spoke of in the 19th century, and popul… Continue Reading
September 12, 2022
Menendez, Brown, Warren, Feinstein, Sanders, and Booker Press Meta for Details on its Efforts to Combat Cryptocurrency Scams
WASHINGTON, D.C. - U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Banking Committee, today was joined by the Committee’s Chairman Sherrod Brown (D-Ohio) and Sens. Elizabeth Warren (D-Mass.), Dianne Feinstein (D-Calif.), Bernie Sanders (I-Vt.), and Cory Booker (D-N.J.) in sending a letter to Meta CEO Mark Zuckerberg, requesting information about the company’s efforts to combat cryptocurrency scams and hold bad actors accountable for cryptocurrency fraud on its platforms.“Data f… Continue Reading
September 8, 2022
Brown Opening Statement at Insurance Oversight Hearing
WASHINGTON, D.C. — 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 hearing entitled “Current Issues in Insurance.”Sen. Brown’s remarks, as prepared for delivery, follow:Every American needs insurance - whether it’s auto insurance to protect us when we’re on the road, or homeowners’ insurance to protect the biggest investment for most families, or life insurance to cement your family… Continue Reading
September 7, 2022
Brown Hosts Consumers for Listening Session on New Financial Products
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, hosted a listening session with consumers from around the country. The consumers shared their experiences with new financial products, including how lack of transparency and risks undermines the dignity of work.“Debt products that are well-designed, transparent, and regulated can help workers pay off an unexpected car repair or help with the grocery bill or cove… Continue Reading
August 26, 2022
Brown Applauds PCAOB Efforts to Improve Transparency for Investors
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown, Chair of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the U.S. Public Company Accounting Oversight Board (PCAOB) reached an agreement with authorities in China to allow the PCAOB to do critical inspections of audit records of public accounting firms headquartered in mainland China and Hong Kong.“Today’s agreement sets the stage for long needed regulatory oversight. For too long, Chinese comp… Continue Reading
August 10, 2022
Brown Applauds FHFA for Requiring Mortgage Lenders and Servicers to Transfer Fair Lending Data
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement applauding the Federal Housing Finance Agency’s (FHFA) announcement that it would require mortgage lenders and servicers to transmit fair lending information, including a borrower’s language preference, to loan servicers along with other loan information.“It’s common sense - if you’re talking with a homeowner or trying to help them ge… Continue Reading
August 9, 2022
Brown, Colleagues Applaud CRA Proposed Rule, Push for More Support for Underserved Communities
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led his colleagues in a letter to Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu supporting the interagency proposal to update and strengthen the regulations implementing the Community Reinvestment Act (CRA). The senators recommended additional measur… Continue Reading
August 5, 2022
Brown Continues Push on Private Equity Firms' Involvement in the Insurance Industry
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent two letters asking for the continuing consideration of private equity’s growing role in the insurance industry. In follow-up letters to Steven Seitz, Director of the Treasury Federal Insurance Office (FIO), and Dean Cameron, President of the National Association of Insurance (NAIC), Brown made clear that FIO and NAIC need to continue their analysis of chang… Continue Reading
August 5, 2022
Brown and Reed Urge Greater Transparency in the Private Fund Market
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Jack Reed (D-RI), a senior member of the committee, sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler expressing support for its proposed rules for private fund advisers. The rules would enhance transparency in the private fund market and protect investors from conflicts and harmful practices.“[T]he Proposal would bring necessary and important transparency t… Continue Reading
August 4, 2022
Brown, Colleagues Call Out US Bank For Opening Fake Accounts
WASHINGTON, D.C. — Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, joined fellow Banking and Housing Committee members Elizabeth Warren (D-MA), Catherine Cortez Masto (D-NV), Chris Van Hollen (D-MD), and Robert Menendez (D-NJ) in a letter to Andrew Cecere, CEO of U.S. Bank, requesting information about the bank’s use of consumer data to open unauthorized bank accounts. The letter comes after the Consumer Financial Protection Bureau (CFPB) fined… Continue Reading
August 4, 2022
Brown: Climate Change is Here, We Must Act Now
WASHINGTON, D.C. — 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 hearing entitled “Borrowed Time: The Economic Costs of Climate Change.”Sen. Brown’s remarks, as prepared for delivery, follow:Climate change is here - and the country knows it.It’s here for Ohio teachers and students forced to work in schools without air conditioning in 90-plus degree heat, for more and more days at … Continue Reading
August 2, 2022
Brown Calls Out Big Investors and Private Equity Companies For Harming Renters and Communities
WASHINGTON, D.C. — 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 hearing entitled “‘The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market.”Sen. Brown’s remarks, as prepared for delivery, follow:Yesterday was the first of the month. For millions of Americans, that means the rent was due.And for many renters, that rent keeps going up and up.Two wee… Continue Reading
July 28, 2022
Brown Presses Apple And Google On Protections Against Crypto App Fraud
WASHINGTON, D.C. — Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent letters to Sundar Pichai, CEO of Alphabet and Google, and Tim Cook, CEO of Apple, requesting information about the companies’ mobile application safeguards. Senator Brown’s letter comes on the heels of a Federal Bureau of Investigation (FBI) warning against fake cryptocurrency apps that have scammed hundreds of investors for losses of more than $42 million.“Cyber criminals … Continue Reading
