Majority Press Releases
Brown: Our Economy’s Transition from Libor Must Protect Consumers and Investors
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 Libor Transition: Protecting Consumers and Investors.”Sen. Brown’s remarks, as prepared for delivery, follow:I often begin these hearings by taking us back to 2008, and to the years that followed, because we are still living with the fallout - and in the case of the Libor scandal, we are still cleaning up a mess c… Continue Reading
November 1, 2021
Brown: New Financial Technology Must Play By Existing Rules
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Presidential Working Group on Financial Markets released their new report on stablecoins:“Today’s Presidential Working Group report highlights the risks that the rapid growth of stablecoins present to families and the economy. We must work to ensure that any new financial technologies are subject to all of the laws and regulations that protect investors, c… Continue Reading
October 28, 2021
Brown: Director Chopra Will Stand Up for Americans, Usher in a New Era of Consumer Protections
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 Era for Consumer Protection: The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Welcome Director Chopra. You are stepping into a vital role for the American people.It’s your job as Director of the Consumer Financial Protection Bureau (C… Continue Reading
October 27, 2021
Brown, Gillibrand, Merkley, Warnock Introduce Legislation to Stop Fed Officials from Profiting Off of Their Positions
Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sens. Kirsten Gillibrand (D-NY), Jeff Merkley (D-OR), and Raphael Warnock (D-GA) introduced the Ban Conflicted Trading at the Fed Act, legislation to prohibit Federal Reserve officials from trading individual stocks and ensure Americans can trust that the Federal Reserve is acting in the best interest of all Americans. “Public officials, whether at the Fed or in Congress,… Continue Reading
October 26, 2021
Brown: Nominees are Ready to Work for Americans’ Jobs, Businesses, and Homes
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 Reta Jo Lewis to be President and Chair of the Export-Import Bank; and Elizabeth de Leon Bhargava to be an Assistant Secretary of Housing and Urban Development.Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nominations of: Reta Jo Lewis to be President and Chair o… Continue Reading
October 21, 2021
Brown Statement on Fed Stock Trading Announcement
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Federal Reserve announced new policies around officials and senior staff owning and trading individual stocks.“Today’s announcement is a start, but we can’t let up now,” said Senator Brown. “My coming legislation would set strong requirements, like banning Fed officials from trading individual stocks, and it would have the rule of law. The American people … Continue Reading
October 21, 2021
Brown Lays Out Private Equity’s Harmful Impact on Renters, Communities
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 “How Private Equity Landlords are Changing the Housing Market.”Sen. Brown’s remarks, as prepared for delivery, follow:One thing seems to be pretty much certain in this economy: no matter what happens to most Americans - a financial crisis, a global pandemic - Wall Street will find a way to profit off of everybody else’… Continue Reading
October 20, 2021
Warren, Baldwin, Brown, Pocan, Jayapal, Colleagues Reintroduce Bold Legislation to Fundamentally Reform the Private Equity Industry
United States Senators Elizabeth Warren (D-Mass.), Tammy Baldwin (D-Wisc.), Sherrod Brown (D-Ohio), Chair of the Senate Banking Committee, along with Representatives Mark Pocan (D-Wisc.) and Pramila Jayapal (D-Wash.), today reintroduced the Stop Wall Street Looting Act, a comprehensive bill to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers, and… Continue Reading
October 20, 2021
Brown Calls On Newly-confirmed CFPB Director Chopra To Review The Tenant Screening Industry
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Rohit Chopra, the newly-confirmed Director of the Consumer Financial Protection Bureau (CFPB), urging him to review the tenant screening industry and protect renters. In April, Chair Brown wrote to several tenant screening companies about the impact of inaccuracies in their screening reports and scores, which can lock tenants out of the housing market and exacerbate raci… Continue Reading
October 19, 2021
Schatz, Brown, Senators To Zuckerberg: Facebook Cannot Be Trusted To Manage Cryptocurrency, Stop Launch Of Diem, Novi Immediately
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 Richard Blumenthal (D-Conn.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.) voiced their opposition to Facebook’s revived effort to launch a cryptocurrency (“Diem”) and digital wallet (“Novi”). In light of yet another scandal involving Facebook’s failure to protect its users, the senators urged Facebook CEO Mark Zuckerberg to immediately dis… Continue Reading
October 19, 2021
Brown: Robust, Effective Sanctions Policies Will Protect U.S. National Security
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 International Policy Update: The Treasury Department’s Sanctions Policy Review and Other Issues.Sen. Brown’s remarks, as prepared for delivery, follow:Today we welcome Deputy Secretary Adeyemo to the Committee for an update on international policy issues.Sanctions policy is an area where we have done important, biparti… Continue Reading
October 13, 2021
Brown to Powell: No More Giveaways to Wall Street
Today U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Federal Reserve Chair Jerome Powell urging the Fed to take no further action deregulating the banking industry until the President has announced his nominees for upcoming Board terms.“When Vice Chair Quarles was confirmed to his position, banking lobbyists cheered. Not only did he immediately set out a plan to shift post-crisis rules to benefitting industry interes… Continue Reading
October 7, 2021
Brown: These Nominees Will Strengthen National Security and Expand Housing Opportunities Across the Country
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 Matthew Axelrod, to be an Assistant Secretary of Commerce; Alanna McCargo, to be President, Government National Mortgage Association, Department of Housing and Urban Development; James Arthur Jemison II, to be an Assistant Secretary of Housing and Urban Development; and Mark Colón, to be an Assistant Secretary of… Continue Reading
October 6, 2021
Brown Blasts Ranking Member Toomey For Red Scare Attacks On Saule Omarova
Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement blasting Ranking Member Toomey for his baseless accusations against Saule Omarova, nominee to lead the Office of the Comptroller of the Currency (OCC). “Before today, I thought, red scare McCarthyism was rightly relegated to the dustbin of history. Any American citizen who fled communist repression - whether it be FDIC Chair Jelena McWilliams or OCC nom… Continue Reading
October 5, 2021
Brown: We Must Send Humanitarian Aid to the Afghan People – While Ensuring Funds Don’t Fall Into Taliban Hands
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 “Afghanistan’s Future: Assessing the National Security, Humanitarian and Economic Implications of the Taliban Takeover.”Sen. Brown’s remarks, as prepared for delivery, follow:In August, we finally ended twenty years of war in Afghanistan. Almost 125,000 people were airlifted out of the country in a few short weeks, bec… Continue Reading
October 5, 2021
Senate Banking and Housing Committee Votes on Key Biden Administration Nominees
WASHINGTON, D.C. - 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 nine key Biden Administration nominees:Mr. Brian Nelson, of California, to be Under Secretary for Terrorism and Financial Crimes, U.S. Department of Treasury;Ms. Elizabeth Rosenberg, of Vermont, to be Assistant Secretary for Terrorist Financing, U.S. Department of Treasury;Ms. Alexia Marie Gabrielle Latortue, of the District of Col… Continue Reading
October 4, 2021
Brown Statement on the Pandora Papers
Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement on the newly released Pandora Papers.“The revelations in the massive Pandora Papers leaks reveal once again the extraordinary lengths to which billionaires, oligarchs, kleptocrats, and other bad actors will go to hide their wealth, evade taxes and accountability, and launder dirty money,” said Brown. “It’s why I worked with my Republican colleagues to e… Continue Reading
September 30, 2021
Brown Statement on Rohit Chopra’s Confirmation
Today, Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after Rohit Chopra was confirmed as Director of the Consumer Financial Protection Bureau (CFPB):“The CFPB will have a leader who is ready to stand up to the biggest banks and the most powerful corporations to protect families, service members, students, and the elderly,” said Brown. “Congratulations to Mr. Chopra. I applaud my colleagues for coming toge… Continue Reading
September 30, 2021
Brown Opening Statement at 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 nominations to the National Credit Union Administration (NCUA) and the Export-Import Bank (EXIM).Sen. Brown’s remarks, as prepared for delivery, follow:The Committee meets today to consider the nominations of: Todd Harper to be Chairman of the National Credit Union Administration;Judith Pryor to be First Vice President of … Continue Reading
September 30, 2021
Senator Reverend Warnock Introduces Legislation to Support First-Generation Home Buyers, Pushes for Inclusion in Build Back Better Economic Package
Today, U.S. Senator Reverend Raphael Warnock (D-GA) introduced new legislation to help millions access the benefits of homeownership and provide a pathway to financial security and housing stability across the country. The Downpayment Toward Equity Act of 2021 would provide federal grants, administered through local entities, to aid first-generation homebuyers with qualifying expenses toward purchasing their first home—including downpayment costs, closing costs, and costs to reduce the rates of … Continue Reading
