Majority Press Releases
Brown Raises Concerns About Wells Fargo’s Unfair Labor Practices
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, raised concerns about unfair labor practices at Wells Fargo to Acting Comptroller Michael Hsu and Federal Reserve Vice Chair Michael Barr. In his letter, Brown cites that over the past year, employees at several Wells Fargo branches have filed Unfair Labor Practice charges with the National Labor Relations Board. Additionally, employees at Wells Fargo who tried to… Continue Reading
October 3, 2023
Brown Issues Statement Ahead of Supreme Court Oral Arguments in Case that Threatens the Foundation of the CFPB
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement ahead of Supreme Court oral arguments in the case of Consumers Financial Protection Bureau v. Community Financial Services Association of America, a case which threatens the foundation of the Consumer Financial Protection Bureau and other similarly independent funded agencies: “We created the Consumer Financial Protection Bureau t… Continue Reading
September 29, 2023
Brown Announces Big Bank Oversight Hearing
Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, announced that the committee will hold its annual hearing to conduct oversight of the nation’s largest banks. The participating CEOs are from the eight Global Systemically Important Banks (G-SIBs) headquartered in the U.S.: JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, Bank of New York Mellon, Morgan Stanley, State Street, and Wells Fargo. The hearing is scheduled for Wednesday… Continue Reading
September 27, 2023
Brown Advances Bipartisan SAFER Banking Act
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, held a legislative markup on the SAFER Banking Act. The SAFER Banking Act passed out of committee by a vote of 14-9. Sen. Brown’s remarks, as prepared for delivery follow: Today we will mark up the bipartisan legislation: S. 2860, the Secure And Fair Enforcement Regulation Banking Act [SAFER Banking Act]. I want to thank Senators Merkley and Daines for all the… Continue Reading
September 21, 2023
Brown Applauds The Nomination Of Tanya Otsuka To Be A Member Of The NCUA Board
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 the Biden Administration announced the nomination of Tanya Otsuka to be a member of the National Credit Union Administration (NCUA) board. Currently, Otsuka works for Chair Brown as Senior Counsel for the Senate Banking and Housing Committee. “Tanya Otsuka is an exceptional choice to serve as a National Credit Union Administration board member. A… Continue Reading
September 20, 2023
Brown Announces Markup on SAFER Banking Act
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, announced a markup on the “Secure And Fair Enforcement Regulation Banking Act” or the SAFER Banking Act of 2023. The bill was introduced by Senator Jeff Merkley (D-OR) and Senator Steve Daines (R-MT), and supported by a bipartisan group of lawmakers. The SAFER Banking Act would allow banks and credit unions to serve cannabis businesses and their workers in states where can… Continue Reading
September 20, 2023
Brown: AI Must Come with Consumer and Worker Protections
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing on “Artificial Intelligence in Financial Services.” Sen. Brown’s remarks, as prepared for delivery follow: New technology in our financial system has done plenty of good for Americans. The ATM gave people easier access to their own money. The Internet simplified bill paying and gave people new ways to… Continue Reading
September 14, 2023
Brown: Crypto Markets’ Lack of Transparency Hurts Americans
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, urged Treasury Secretary Janet Yellen, Securities and Exchange Commission Chair Gary Gensler, and Commodity Futures Trade Commission Chair Rostin Behnam to strengthen transparency in cryptocurrency markets to protect Americans’ money. The current lack of full disclosure about digital assets products and platforms leaves the public vulnerable to fraud and scams - and … Continue Reading
September 12, 2023
Brown to Gensler: We must Protect American Savers
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing on “Oversight of the U.S. Securities and Exchange Commission.” Sen. Brown’s remarks, as prepared for delivery follow: Welcome back Chair Gensler. Americans count on our markets to provide for their futures. But for too long, our markets and financial regulators have answered to the interests of the po… Continue Reading
September 12, 2023
Warner, Brown Reintroduce Legislation to Shed Light on Workforce Management Policies and Practices
Ahead of a Tuesday oversight hearing in the Senate Banking Committee with Securities and Exchange Commission (SEC) Chairman Gary Gensler, U.S. Sens. Mark R. Warner (D-VA) and Sherrod Brown (D-OH) reintroduced legislation to require publicly traded companies to disclose information regarding workforce management metrics, including investments made in skills training, workforce safety, and employee retention. “Workers are the most valuable resource a company can have, but without a clear set of s… Continue Reading
September 7, 2023
Brown Applauds Confirmations of Historic Federal Reserve Nominees
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, Urban Affairs Committee, released the following statement after the confirmation of The Honorable Philip Jefferson for Vice Chair of the Federal Reserve, The Honorable Adriana Kugler for Governor of the Federal Reserve, and the renomination of The Honorable Lisa D. Cook for Governor of the Federal Reserve: “Today is a great day for the Federal Reserve. We confirmed three historic nominees - inc… Continue Reading
September 7, 2023
Brown: Rising Insurance Costs and Reduced Coverage Hurt Homeowners, Renters
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered the following opening statement at today’s hearing on “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.” Sen. Brown’s remarks, as prepared for delivery follow: Few financial decisions are more important than buying a home. Home buyers are making an investment in themselves, their families, and their communities. … Continue Reading
September 5, 2023
Brown Calls on Colleagues to Support Historic Federal Reserve Nominees
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, took to the Senate floor to speak in support of the nominations of The Honorable Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the Board of Governors of the Federal Reserve System, The Honorable Lisa DeNell Cook, of Michigan, to be a Member of the Board of Governors of the Federal Reserve System, and The Honorable Adriana Debora Kugler, of Mar… Continue Reading
August 23, 2023
Brown Statement on SEC Private Fund Advisor Rule
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Securities and Exchange Commission’s (SEC) adoption of final rules regulating private fund advisers: “I applaud the SEC’s action today. These rules will help protect workers’ pensions and create a more transparent and accountable private funds market,” said Brown. Brown has previously voiced his support for these rules… Continue Reading
August 9, 2023
Brown Statement on Executive Order Increasing Scrutiny of Outbound Investments
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after President Biden announced an executive order on outbound investments: “American dollars and expertise shouldn’t go toward building up the Chinese government’s military and intelligence capabilities,” said Brown. “As we work to pass the Outbound Investment Tran… Continue Reading
August 9, 2023
In The Wake of Recent Bank Failures, Brown, Colleagues Urge Federal Reserve to Overhaul Big Bank Merger Policy
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, along with Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), and John Fetterman (D-PA) sent a letter to Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Michael Barr, urging them to review and reconsider the Federal Reserve’s approach to big bank mergers, including the agency’s framework for evaluating a bank mer… Continue Reading
August 1, 2023
Brown, Colleagues Urge New Protections for Multifamily Renters in Fannie Mae-, Freddie Mac-Backed Properties
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, urged Federal Housing Finance Agency (FHFA) Director Sandra Thompson to ensure that tenants’ rights are protected in any multifamily properties with financing backed by Fannie Mae and Freddie Mac. “There have been repeated reports of investors using low-cost financing from Enterprise-backed loans to buy properties and then sharply raising rents,… Continue Reading
July 27, 2023
Brown: New Capital Requirements Will Strengthen Our Banking System, Protect Americans’ Money
Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee issued the following statement after the Office of the Comptroller of the Currency, Federal Reserve, and Federal Deposit Insurance Corporation proposed stronger capital requirements for big banks. “Strong capital requirements help banks lend and invest in their communities in good times and bad, protect taxpayers, and prevent crises. As we saw during the 2008 financial crisis and the r… Continue Reading
July 24, 2023
Brown, Vance Support Main Street-Focused Regional Banks in Ohio Following Recent Bank Failures
WASHINGTON, D.C. – On Friday, U.S. Senators Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, and J.D. Vance (R-OH), advocated to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg in support of Ohio’s regional banks. Following the failures of Silicon Valley Bank and Signature Bank, the FDIC must recover the costs of protecting depositors and promoting confidence in the banking system through a “spec… Continue Reading
July 20, 2023
Brown: Deposit Insurance Must Protect Consumers, Not Big Investors
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, delivered the following opening statement at today’s hearing on “Perspectives on Deposit Insurance Reform after Recent Bank Failures.” Sen. Brown’s remarks, as prepared for delivery follow: All of our work on safeguards for our banking system must come back to one goal: Protecting Americans’ hard-earned money in the bank, and protecti… Continue Reading
