Majority Press Releases
U.S. Senators Urge CFPB to Take Action to Ensure Transparency & Oversight of Buy Now Pay Later Products & Providers
As more Americans do their holiday shopping online and more online retailers offer consumers a financial technology twist on old-fashioned installment loans that could pose risks to consumers, six U.S. Senators are urging regulators to strengthen oversight and keep up with the growth of these “buy now, pay later” (BNPL) products and providers. Today, U.S. Senator Jack Reed (D-RI) was joined by some of his colleagues on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Chairman S… Continue Reading
December 15, 2021
Brown Applauds SEC’s Proposed Changes to Stock Buybacks
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Securities and Exchange Commission (SEC) proposed new rules on stock buyback disclosures. Senator Brown has long pushed for reform to stock buybacks, including through his Stock Buyback Reform and Worker Dividend Act.“The first step to workers getting their fair share is learning just how much corporate executives are spending on themselves… Continue Reading
December 15, 2021
Brown: We Must Improve Long-Term Disaster Recovery to Help Communities Rebuild
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 “Disaster Recovery Assistance - Authorization of the Community Development Block Grant - Disaster Recovery Program.”Sen. Brown’s remarks, as prepared for delivery, follow:This morning the Banking, Housing, and Urban Affairs Committee looks at the authorization of the Community Development Block Grant - Disaster Recover… Continue Reading
December 14, 2021
Brown Statement on the Selection of Sandra Thompson to Lead FHFA
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 nomination of Ms. Sandra Thompson to lead the Federal Housing Finance Agency (FHFA). If confirmed, Thompson would be the first African American woman to serve as Director of FHFA.“I commend the Biden Administration for nominating Sandra Thompson to lead FHFA,” said Brown. “She has a distinguished career as a regu… Continue Reading
December 14, 2021
Brown: We Must Protect Consumers and the Economy from Stablecoin Risks
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 “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?”Sen. Brown’s remarks, as prepared for delivery, follow:A few years ago, most people had never heard of cryptocurrency - most people still don’t know what all these terms mean, from stablecoins to non-fungible tokens.But they’ve become a hot to… Continue Reading
December 13, 2021
Brown, Warnock Urge Banking Agencies to Support Banks that Serve Black and Brown Communities
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Senator Reverend Raphael Warnock (D-GA), Chairman of the Subcommittee on Financial Institutions and Consumer Protection, sent a letter urging the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of the Comptroller of the Currency (OCC) to take stronger action to support Minority Deposit Institutions (MDIs).“For generations, the financial system has … Continue Reading
December 10, 2021
Brown, Toomey, Warner, Van Hollen Press WMATA For Information On 7000 Series Railcars Following the October Derailment in Northern Virginia
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, joined Ranking Member Pat Toomey (R-PA), and members of the Committee, Senators Mark Warner (D-VA) and Chris Van Hollen (D-MD), in sending a letter to Washington Metropolitan Area Transit Authority (WMATA) CEO Paul Wiedefeld requesting information on the circumstances that resulted in the October derailment of the 7000 series metro railcar and removal of all 7000 metro railcars… Continue Reading
December 10, 2021
Brown: The FDIC Must Ensure We Have A Strong And Competitive Banking System For Main Street
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Federal Deposit Insurance Corporation (FDIC) board voted to publish a request for information about the bank merger process:“Bank mergers are on the rise, and rubber stamping bank mergers helps Wall Street but hurts Main Street businesses and communities,” said Brown. “As the insurer of bank deposits, the FDIC has a responsibility to make sure that bank… Continue Reading
December 7, 2021
Brown Statement on OCC Confirmation Process
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement on the confirmation process of Dr. Saule Omarova, nominee to lead the Office of the Comptroller of the Currency (OCC): “I again applaud the Biden Administration for the historic selection of Professor Saule Omarova to lead the OCC. Dr. Omarova is one of the most qualified nominees ever for this job because of her experience as a policymaker, in the private sector… Continue Reading
December 7, 2021
Brown Chairs Nomination Hearing
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 on the nominations of Ms. Parisa Salehi to be Inspector General Export Import Bank; and Mr. Brian Michael Tomney to be Inspector General of the Federal Housing Finance Agency:Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nominations of: Parisa Salehi to be Inspector General of … Continue Reading
December 2, 2021
Senate Banking and Housing Committee Votes on Key Biden Administration Nominees
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led the Committee in voting on four key Biden Administration nominees:Ms. Alanna McCargo, to be President, Government National Mortgage Association, Department of Housing and Urban Development; Ms. Elizabeth de Leon Bhargava, to be an Assistant Secretary of Housing and Urban DevelopmentMr. Arun Venkataraman, to be Assistant Secretary of Commerce and Director General of the United … Continue Reading
November 30, 2021
Brown: Workers Must Reap the Benefits of Our Economic Recovery
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: “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.”Sen. Brown’s remarks, as prepared for delivery, follow:Last week, many Americans sat down with family and friends to celebrate Thanksgiving. I want to take a moment to thank all the workers who made that possible, many of whom didn… Continue Reading
November 23, 2021
Brown Presses Stablecoin Companies on Risks
Today, Sen. Sherrod Brown, Chair of the U.S. Senate Committee on Banking, Housing, and Urban sent letters to stablecoin issuers and exchanges seeking information on how companies are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.Senator Brown emphasized the difficulties consumers and investors may face in understanding how stablecoins work and their potential risks, citing the complicated terms and conditi… Continue Reading
November 22, 2021
Menendez Introduces Bill to Protect Small Businesses, Safeguard Owners from Predatory Lenders
Ahead of Small Business Saturday, U.S. Senator Bob Menendez (D-N.J.) today announced the introduction of legislation to protect small business borrowers from predatory lenders and loans carrying unclear terms and conditions and would secure safeguards already required in consumer lending, through the Truth in Lending Act. The bicameral Small Business Lending Disclosure Act of 2021 would bring enhanced transparency to small commercial loans.“As we prepare to go out into our communities on this ne… Continue Reading
November 22, 2021
Brown Applauds Biden’s Nomination of Governor Lael Brainard for Vice Chair
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after President Biden announced the nomination of Governor Lael Brainard for Vice Chair:“Dr. Lael Brainard has spent her life fighting for a stronger, fairer economy - one where workers share in the growth and prosperity they create and where their hard work is not gambled away by reckless Wall Street banks. At this moment, when workers are finally starting to se… Continue Reading
November 22, 2021
Brown Statement on the Renomination of Jerome Powell for Fed Chair
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after President Biden announced the renomination of Jerome Powell for Chair of the Federal Reserve Board of Governors:“Chair Jerome Powell has led our economy through a historic pandemic, and under his and President Biden’s leadership, unemployment has fallen and workers are seeing increased bargaining power. The Federal Reserve must continue to help steer our ec… Continue Reading
November 19, 2021
Hirono, Duckworth Urge Republicans to End Smear Campaign and Confirm Comptroller Nominee Omarova Immediately
Senators Mazie K. Hirono (D-Hawaii) and Tammy Duckworth (D-Ill.) wrote to Senate Committee on Banking, Housing, and Urban Affairs Chairman Sherrod Brown (D-Ohio) and Ranking Member Pat Toomey (R-Pa.) urging them to immediately advance the nomination of Professor Saule Omarova to lead the Office of the Comptroller of the Currency (OCC). President Biden nominated Professor Omarova to serve as Comptroller of the Currency on November 2, 2021. She is widely regarded as a leading expert in her field. … Continue Reading
November 18, 2021
Brown: Saule Omarova is Eminently Qualified to Lead the OCC
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 hearing for Professor Saule Omarova to be Comptroller of the Currency.Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nomination of Saule Omarova to be the Comptroller of the Currency. Congratulations to Professor Omarova for being nominated to this important role. Welcome to … Continue Reading
November 15, 2021
Bipartisan Infrastructure Bill with Historic Brown Provisions to Invest in Ohio Communities, Create Good-paying American Jobs Signed Into Law by President Biden
Today, U.S. Senator Sherrod Brown (D-OH) announced that the bipartisan infrastructure bill was signed into law by President Joseph R. Biden. Brown attended the signing ceremony at the White House. The final bill, the Infrastructure Investment and Jobs Act, passed with several key provisions Brown secured for Ohio communities. Brown fought for these provisions in the version that passed the Senate in August and passed the House of Representatives earlier this month. As the Chairman of a key commi… Continue Reading
November 10, 2021
Schatz, Brown, Senators To CFPB: Fix The Broken Credit Reporting System, Hold Credit Reporting Agencies Accountable
Today, U.S. Senator Brian Schatz (D-Hawai‘i), Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown (D-Ohio), and U.S. Senators Ron Wyden (D-Ore.), Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Chris Van Hollen (D-Md.), and Ben Ray Luján (D-N.M.), urged the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the credit reporting industry. Specifically, the senators urged Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and… Continue Reading
