Majority Press Releases
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
July 12, 2023
Brown Advances Historic Federal Reserve Nominees
WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee held an executive session to vote on 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 Maryland… Continue Reading
July 11, 2023
Brown Statement on Bank of America Breaking The Law
WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown, Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) announced a $250 million enforcement action against Bank of America for withholding credit card rewards, double-dipping on customer fees, and opening fake accounts. “Bank of America has clearly broken the law in yet another case … Continue Reading
July 11, 2023
Brown, Colleagues Introduce Bill to Crack Down on Big Corporate Investors that Buy Up Local Homes, Drive Up Housing Prices
WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, along with Senator Ron Wyden (D-OR), Chair of the Senate Finance Committee, and Senators Tina Smith (D-MN), Jeff Merkley (D-OR), Jack Reed (D-RI), John Fetterman (D-PA), Elizabeth Warren (D-MA) and Tammy Baldwin (D-WI) introduced a new bill to restrict tax breaks for big corporate investors that buy up homes, often driving up local housing prices and rents. The Stop Pre… Continue Reading
July 6, 2023
Brown, Colleagues Urge CFPB to Protect Consumers from Scams Using AI
WASHINGTON, D.C. - Today, U.S. SenatorsSherrod Brown (D-OH),Bob Menendez (D-NJ), Jack Reed (D-RI), and Tina Smith (D-MN) are urging Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra to take action to protect consumers from scams and fraud caused by artificial intelligence (AI) and machine learning in consumer financial products. The lawmakers raised concerns over AI voice cloning technology which can allow scammers to fraudulently access consumers’finances including their bank ac… Continue Reading
