Majority Press Releases
Brown Calls For Mulvaney To Resign For ‘Pay To Play’ Comments
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 in response to a New York Time's report that the Office of Management and Budget (OMB) Director and the Consumer Financial Protection Bureau's (CFPB) acting director Mick Mulvaney "told banking industry executives on Tuesday that they should press lawmakers hard to pursue their agenda, and revealed that, as a congressman, he wou… Continue Reading
April 21, 2018
Brown Statement On CFPB And OCC’s $500 Million Fines Against Wells Fargo For Auto Insurance And Mortgage Abuse
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 following the announcement that Wells Fargo will be fined $500 million by the Consumer Financial Protection Bureau (CFPB) and $500 million by the Office of the Comptroller of the Currency (OCC) for forcing customers into unnecessary auto insurance and charging mortgage borrowers unfair fees. "On the heels of the Senate voting t… Continue Reading
April 19, 2018
Brown Opening Statement At Banking Committee Hearing On Federal Reserve Supervision And Regulation
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 at today's hearing on "The Semiannual Testimony of the Federal Reserve's Supervision and Regulation of the Financial System." Sen. Brown's remarks, as prepared for delivery, follow: Thank you, Mr. Chairman and thank you Vice Chairman Quarles for appearing before the Committee today. On this very day ten years ago (Apr… Continue Reading
April 18, 2018
Brown Floor Speech on the Export-Import Bank of the United States
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 speech on the Export-Impor Bank of the United States an requesting a that the quorum call be dispended on the Bank's nominees, so the nominees can be confirmed and EXIM Bank is restored to full functionality. Brown's remarks, as prepared for delivery, follow. Mr. /Mdme. President, I ask that the quorum call be dispensed with. Mr./M… Continue Reading
April 17, 2018
Brown Floor Speech Opposing Repeal Of CFPB Guidance On Fair Auto Lending
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 speech on the Senate floor today opposing S.J. Res. 57 - the Congressional Review Act to repeal the Consumer Financial Protection Bureau's (CFPB) Indirect Auto Lending Guidance. The guidance describes auto lenders' responsibility, established by the Equal Credit Opportunity Act of 1974, to avoid discriminatory lending practices. Br… Continue Reading
April 17, 2018
Brown Opening Statement At Banking Committee Hearing On Nominations To FTA, Commerce and HUD
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 at today's hearing on the nominations to the Federal Transit Administration, the Department of Commerce and the Department of Housing and Urban Development. Brown's remarks, as prepared for delivery, follow. Thank you, Chairman Crapo, for holding today's hearing on the nominations of Thelma Drake, Jeffrey Nadaner,… Continue Reading
April 12, 2018
Brown Opening Statement At Banking Committee Hearing On The CFPB's Semiannual Report To Congress
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 at today's hearing on "The Consumer Financial Protection Bureau's Semiannual Report to Congress." Sen. Brown's remarks, as prepared for delivery, follow: The reason we are here today is that there was a financial crisis ten years ago caused by predatory lenders, and that crisis cost millions of Americans their jobs a… Continue Reading
April 11, 2018
Brown Floor Speech On The 50th Anniversary Of The Fair Housing 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 - delivered the following speech on the Senate floor today on the 50th Anniversary of the Fair Housing Act. Brown's remarks, as prepared for delivery, follow. Mr./Mdme. President, 50 years ago today, we enacted the Fair Housing Act, just one week after the assassination of Dr. Martin Luther King, Jr., as he fought for economic justice with sanitation worker… Continue Reading
April 3, 2018
Brown Statement On The New York Fed President Selection Process
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 Bank of New York's announcement that Federal Reserve Bank of San Francisco President John Williams has been selected to replace New York Fed President William Dudley, who is retiring: "Mr. Williams is a distinguished and respected economist; however, I am disappointed by the search committee's selection o… Continue Reading
March 22, 2018
Brown Opening Statement At Banking Committee Hearing On HUD
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 at today's hearing on "Oversight of HUD." Sen. Brown's remarks, as prepared for delivery, follow: Thank you Chairman Crapo and welcome, Secretary Carson. The Department of Housing and Urban Development, or HUD, plays a critical role in the success of our housing market, our communities, our families and our goals as… Continue Reading
March 15, 2018
Brown Commends New Russia Cyber Sanctions, Urges Imposition Of Broader 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 - released the following statement on the Trump Administration's decision to sanction certain Russian persons and firms for their involvement in destructive cyber activity against the US, including their interference in our elections and attacks on critical infrastructure. The Treasury Department sanctions announcement was accompanied by a Department of Homeland… Continue Reading
March 14, 2018
Brown Statement On Senate Passage of S.2155, The Dodd-Frank Roll Back Bill
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 passage S. 2155, the Dodd-Frank Roll Back Bill. Brown, a leading and vocal opponent of the legislation, raised concerns that this bill does nearly nothing for consumers, while scaling back protections for homeowners and putting taxpayers at risk of another bank bailout. "This body once again sided with special interests … Continue Reading
March 14, 2018
Brown Closing Floor Speech On S.2155, The Dodd-Frank Roll Back Bill
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 closing speech on the Senate floor today on S.2155, The Dodd-Frank Roll Back Bill. Brown's remarks, as prepared for delivery, follow. Ten years ago today - March 14th - Bear Stearns was on the verge of collapse. Despite its 85 year history, despite its relationship with nearly every bank on Wall Street, the bank suddenly found itself o… Continue Reading
March 13, 2018
Brown Floor Speech On Housing And S.2155, The Dodd-Frank Roll Back Bill
Mr. President, I would like my colleagues to take a trip down memory lane. Go back to 2006, 2007, 2008 and the decade before. Ohio had 14 years - nearly a decade and a half - of foreclosure increases leading up to the crisis. Predatory, irresponsible lenders made dangerous, sub-prime loans - and often ignored whether borrowers had the ability to repay that loan. Because of the lack of standards for underwriting, we learned a painful lesson that not all mortgage lending is created equal. Let'… Continue Reading
March 12, 2018
Brown Floor Speech On Foreign Banks And S.2155, The Dodd-Frank Roll Back BIll
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 speech on the Senate floor today on foreign bank giveaways in S.2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. Brown's remarks, as prepared for delivery, follow. Back 30, 40, 50 years ago, when you went to the local bank to buy a house, you knew the lender, and the lender knew you. You saw them at the grocery… Continue Reading
March 9, 2018
Brown Floor Speech On S.2155 Substitute Amendment, The Dodd-Frank Roll Back Bill
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 speech on the Senate floor today on the substitute amendment for S.2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. Brown's remarks, as prepared for delivery, follow. Mr./Mdme. President, Yesterday I spoke about the big banks that have violated our banking laws time and time again, yet are being rewarded by th… Continue Reading
March 6, 2018
Brown Opening Floor Speech Opposing S.2155, The Dodd-Frank Roll Back Bill
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 speech on the Senate floor today in opposition to S.2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. Brown's remarks, as prepared for delivery, follow. Mr. President, Ten years ago - almost to the day - this country was on the verge of a financial crisis that would end up wrecking the lives of millions of fami… Continue Reading
March 5, 2018
Brown Statement On CBO Score Of S.2155, The Dodd-Frank Roll Back Bill
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 - released the following statement in response to the report issued by the non-partisan Congressional Budget Office on S. 2155. The CBO projects that S. 2155 will increase the likelihood that a systemically important financial institution - a Wall Street or global megabank -- will fail. As a result, CBO estimates the bill will increase the federal deficit … Continue Reading
March 1, 2018
Brown Opening Statement At Banking Committee Hearing On The Federal Reserve Semiannual Monetary Report To Congress
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 at today's hearing on "The Semiannual Monetary Report to Congress": Sen. Brown's remarks, as prepared for delivery, follow: Chairman Crapo, thank you for holding this hearing. Chair Powell, welcome back to the Committee, and for the first time in your new role. You are leading the Federal Reserve at a crucial time… Continue Reading
February 27, 2018
What Wall Street Reform Leaders Are Saying About S.2155, the Dodd-Frank Roll Back Bill
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - received letters from current and former Wall Street watchdog officials raising concerns on S. 2155 and how the legislation may harm financial stability and consumer protection. Links and excerpts from each of the letters is provided below. Former Fed Chair Paul Volcker: On Section 401: "an increase to $250 billion would go too far. It would have the e… Continue Reading
