Majority Press Releases
Brown Urges Trump to Hold Wall Street, Hedge Funds Accountable
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - issued the following statement after today's meeting of the Financial Stability Oversight Council (FSOC) on potential risks to the financial system posed by large hedge funds. During his campaign, President-elect Donald Trump campaigned against Wall Street and hedge funds, criticizing them for "getting away with murder." "The Council's oversight of potential r… Continue Reading
September 28, 2016
Banking Committee Democrats Press Wells Fargo CEO for More Answers on Phony Accounts Scandal
WASHINGTON, D.C. - Democrats on the U.S. Senate Banking Committee today pressed Wells Fargo Chairman and Chief Executive John Stumpf to respond to questions stemming from his testimony last week on the bank's unauthorized accounts scandal. The Senators asked Stumpf to answer dozens of questions for the record to clarify and supplement his testimony before the Banking Committee on Tuesday, Sept. 20. The written questions were jointly submitted by all of the panel's 10 Democrats: Ranking Member S… Continue Reading
September 28, 2016
Brown Statement on Wells Fargo Move to Claw Back Executive Pay
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - issued the following statement in the wake of Wells Fargo's announcement late Tuesday that it will claw back some compensation from Chief Executive John Stumpf and Carrie Tolstedt, who led Wells Fargo's community banking division. "Wells Fargo's announcement is a step in the right direction but there are still dozens of unanswered questions," said Brown. "We s… Continue Reading
September 26, 2016
Brown Commends Fed Proposal to Curb Wall Street's Commodities Holdings
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today commended the Federal Reserve's proposed rule to limit risks posed by Wall Street bank's involvement in physical commodities, such as aluminum, coal, and oil. Brown has long pushed the Fed to issue its proposed rule, which would require banks involved in physical commodity activities to boost capital to cover the risks of such investments. Under the Fed'… Continue Reading
September 20, 2016
Brown Opening Statement at Hearing on Wells Fargo's Unauthorized Accounts
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, as prepared for delivery, at today's hearing entitled "An Examination of Wells Fargo's Unauthorized Accounts and the Regulatory Response." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "An Examination of Wells Fargo's Unauthorized Accounts and the Regulatory Res… Continue Reading
September 13, 2016
Brown Opening Statement at Hearing on National Flood Insurance Program
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, as prepared for delivery, at today's hearing on the "The National Flood Insurance Program: Reviewing the Recommendations of the Technical Mapping Advisory Council's 2015 Annual Report." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "The National Flood Insurance P… Continue Reading
September 8, 2016
Brown Commends U.S. Banking Agencies for Urging Congress to Curb Wall Street's Ownership of Physical Commodities
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today applauded U.S. banking agencies for urging Congress to limit Wall Street's investments in merchant banking and physical commodities. The Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation outlined the recommendations in a report required by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Ac… Continue Reading
July 29, 2016
Brown Statement on CFPB Efforts to Rein in Debt Collectors
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today released the following statement on the Consumer Financial Protection Bureau's initial outline of proposed rules to rein in debt collectors. In 2015, the CFPB handled more than 85,200 complaints about debt collection, making it the largest source of consumer grievances among the industries the bureau oversees. "Families who are struggling to make ends me… Continue Reading
July 21, 2016
Brown Applauds CFPB's Fifth Anniversary
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today released the following statement on the fifth anniversary of the Consumer Financial Protection Bureau (CFPB). The bureau was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law six years ago. The CFPB says its actions have resulted in $11.7 billion being returned to over 27 million wronged consumers. "The 2008 finan… Continue Reading
June 30, 2016
Brown, Waters: FSOC Decision Shows Wall Street Reform is Working
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) and U.S. Rep. Maxine Waters (D-CA) - the leading Democrats on the Senate Banking and House Financial Services Committees - issued the following statement after the U.S government removed GE Capital's designation as "systemically important" to the financial system. The Financial Stability Oversight Council (FSOC), which includes the Treasury Department and Federal Reserve, rescinded GE Capital's designation for stricter oversight after the firm ma… Continue Reading
June 23, 2016
Brown Opening Statement at Hearing on Bank Capital and Liquidity Rules
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, as prepared for delivery, at today's hearing entitled, "Bank Capital and Liquidity Regulation, Industry Perspectives." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Bank Capital and Liquidity Regulation, Industry Perspectives" June 23, 2016 Thank you, Chair S… Continue Reading
June 21, 2016
Brown Opening Statement at Hearing on Semiannual Monetary Policy Report
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, as prepared for delivery, at today's hearing on "The Semiannual Monetary Policy Report to the Congress." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening Statement:Hearing on "The Semiannual Monetary Policy Report to the Congress"June 21, 2016 Thank you, Chairman Shelby. Chair Yell… Continue Reading
June 14, 2016
Brown Opening Statement at SEC Oversight Hearing
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, as prepared for delivery, at today's hearing entitled, "Oversight of the U.S. Securities and Exchange Commission." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Oversight of the U.S. Securities and Exchange Commission" June 14, 2016 Thank you Chairman Shelby, … Continue Reading
June 7, 2016
Brown Opening Statement at Hearing on Bank Capital and Liquidity Rules
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, as prepared for delivery, at today's hearing entitled, "Bank Capital and Liquidity Regulation." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Bank Capital and Liquidity Regulation"June 7, 2016 Thank you, Chairman Shelby, for holding today's hearing, and I thank… Continue Reading
May 25, 2016
Brown Opening Statement at Hearing on Oversight of the Iran Nuclear Agreement and 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 opening statement, as prepared for delivery, at today's hearing entitled, "Understanding the Role of Sanctions Under the Iran Deal: Administration Perspectives." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Understanding the Role of Sanctions Under the Iran Deal: Administration Pe… Continue Reading
May 24, 2016
Brown Opening Statement at Hearing on Sanctions and the Iran Nuclear Agreement
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, as prepared for delivery, at today's hearing entitled, "Understanding the Role of Sanctions Under the Iran Deal." Brown's remarks, as prepared for delivery, follow. Senator Sherrod Brown - Opening StatementHearing: "Understanding the Role of Sanctions Under the Iran Deal"May 24, 2016 Thank you, Mr. Chairman. For the … Continue Reading
May 23, 2016
Brown Urges Oversight of Shadow Banking Risks
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today called on the Financial Stability Oversight Council (FSOC) to outline its efforts to address risks in the "shadow banking" sector that could threaten financial stability. In a letter to U.S. Treasury Secretary Jacob Lew, Brown emphasized that a central cause of the 2008 financial crisis was the failure, or near failure, of nonbank financial institutions … Continue Reading
May 19, 2016
Brown Continues Push to Clear Banking Committee's Nominations Backlog
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today urged Senate Republican leaders to clear the growing backlog of key financial oversight, trade, and national security nominations. Brown's push followed the Banking Committee's approval today of five of the 20 executive nominations that the panel has received since January 2015: Lisa M. Fairfax and Hester M. Peirce to be Members of the Securities and E… Continue Reading
May 17, 2016
Brown Presses for Vote to Restore Export-Import Bank to Full Strength
WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH) - ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs - today urged his Republican colleagues to act without further delay to restore the full authority of the U.S. Export-Import Bank's board of directors. Brown met this afternoon with Mark McWatters, a Republican who was nominated in January at the suggestion of Senate Majority Leader Mitch McConnell (R-KY) to fill a vacancy on Ex-Im's board. With three empty seat… Continue Reading
April 7, 2016
ICYMI: Public Interest Advocates Praise CFPB's Success in Protecting Consumers
WASHINGTON, D.C. - As the Senate Banking Committee holds hearings this week on the Consumer Financial Protection Bureau, several public interest groups highlighted the bureau's achievements to rein in abusive practices that hurt American families, communities, and the economy. The groups urged the Banking Committee and Congress to resist Republican efforts to undermine or abolish the CFPB, which has secured more than $11 billion in relief to more than 25 million wronged consumers. Before the Ba… Continue Reading
