Majority Press Releases
Regulators Heed Brown's Call to Apply Existing Safeguards to Crypto Risks
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) warned banks on the liquidity risks presented by cryptocurrencies. The regulatory agencies reminded banking organizations to apply existing risk management principles to certain sources of funding fro… Continue Reading
February 22, 2023
Brown Applauds Administration's Action to Cut Costs for New FHA Homebuyers
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden-Harris Administration announced that the Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), will cut its annual mortgage insurance premium by 0.30 percentage points for most new borrowers.“Homeownership is out of reach for too many Ohioans and families across the cou… Continue Reading
February 15, 2023
Brown Applauds Changes to President Biden's Economic Team
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after President Biden announced Lael Brainard, Vice Chair and Governor of the Federal Reserve Board, was selected to lead President Biden’s National Economic Council (NEC) and Jared Bernstein to lead the Council of Economic Advisors (CEA):“I thank Vice Chair Brainard and Mr. Bernstein for their service and dedication. Both have built their care… Continue Reading
February 14, 2023
Brown: Let's Regulate Crypto and Protect Consumers
WASHINGTON, D.C. — 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, “Crypto Crash: Why Financial Safeguards are Needed for Digital Assets.”Sen. Brown’s remarks, as prepared for delivery, follow:What a difference a year makes.Go back to last year’s Super Bowl. The cryptocurrency industry spent a whopping $54 million on eight ads, promising Americans untold riches and… Continue Reading
February 9, 2023
Brown: Housing is Too Expensive for Too Many Families and Seniors
WASHINGTON, D.C. — 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 State of Housing 2023.”Sen. Brown’s remarks, as prepared for delivery, follow:Welcome back to many of you, and welcome to the new members of this Committee.I want to welcome Senator Scott as the new Ranking Member of this Committee.Senator Scott has played an important role on this Committee fo… Continue Reading
February 8, 2023
Chairman Brown and Ranking Member Scott Announce Banking and Housing Subcommittee Assignments for 118th Congress
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Tim Scott (R-SC) today announced the panel’s subcommittee assignments for the 118th Congress.“On this committee, we are focusing everything we do on workers, their families, and the issues that matter most to their lives,” said Chairman Brown. “I look forward to working with these subcommittee chairs, their ranking members, and other committee member… Continue Reading
February 3, 2023
Brown Announces February Hearing Schedule
***All press attending hearings are encouraged to wear a N95 or KN95 mask, regardless of vaccination status.***WASHINGTON, D.C. - U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, today announced the hearing schedule for the month of February.February 9, 10:00 AM - Full Committee Hearing: “The State of Housing 2023”February 14, 10:00 AM - Full Committee Hearing: “Crypto Crash: Why Financial System Safeguards are Needed for Digital Asset… Continue Reading
February 1, 2023
Brown, Reed, Colleagues to FHFA: Keep Homes in the Hands of Homeowners and Communities
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Jack Reed (D-RI), Sen. Tina Smith (D-MN), Sen. Ron Wyden (D-OR), and Sen. Elizabeth Warren (D-MA), sent a letter to the Federal Housing Finance Agency (FHFA) requesting a review of Fannie Mae and Freddie Mac’s nonperforming loan and reperforming loan sales programs. These programs often result in loans being sold to large investors, who then control whether h… Continue Reading
January 27, 2023
Brown Announces Democratic Caucus' Banking, Housing, and Urban Affairs Membership for the 118th Congress
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement regarding the Banking and Housing Committee membership for the 118th Congress:“Under Democrats’ leadership, the Senate Banking, Housing, and Urban Affairs Committee has put workers, their families, and what matters to their lives at the center of everything we do. This Congress, we’ll continue to focus on the issues that matter most to wo… Continue Reading
January 26, 2023
Merkley, Brown Applaud SEC for Moving Towards Finalizing Conflicts of Interest Rule for Asset-Backed Securities
Washington D.C. - Today, Oregon’s U.S. Senator Jeff Merkley and Banking and Housing Committee Chairman Sherrod Brown (D-OH) applauded the Securities and Exchange Commission (SEC) for reintroducing proposed rulemaking to address conflicts of interests in the securitization market. “Conflicts of interest in the securitization market contributed to the 2008 economic collapse. Sadly, many of those same financial institutions are still able to sell investors asset-backed securities, bet against them,… Continue Reading
January 25, 2023
Brown Applauds Biden-Harris Administration's Actions to Protect Renters
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden-Harris Administration released a blueprint on enhancing protections for renters. “Too many renters in Ohio and around the country pay more than they can afford for homes that put their health at risk, or live in constant fear of losing their homes through eviction,” said Brown. “Home impacts everything in a person’s… Continue Reading
January 23, 2023
Brown, Van Hollen to Regulators: Don't Let Taxpayers Pay for Wall Street's Failures
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Sen. Chris Van Hollen (D-MD), a member of the Committee sent letters to the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System in support of the agencies’ efforts to strengthen our banking system. In October, the regulators took the first steps to propose a rule that would protect consumers and taxpayers from footing the… Continue Reading
January 19, 2023
Brown Applauds HUD Proposal of Important Fair Housing Rule
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement on the Department of Housing and Urban Development’s (HUD) release of its Affirmatively Furthering Fair Housing proposed rule implementing a requirement under the Fair Housing Act.“Today’s proposed rule is an important step to ensure that we are fulfilling our nation’s commitment to fair housing in all of our communities,” Brown sa… Continue Reading
December 22, 2022
Brown Introduces Bill to Mitigate Urban Heat, Protect Communities from Climate Change
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the Excess Urban Heat Mitigation Act, legislation to create a grant program through the Department of Housing and Urban Development (HUD) that would provide funding to local governments and nonprofit organizations for heat mitigation efforts.“As climate change worsens, so will the health and safety risks of excess heat and rising surface temperatures,” said Brown.… Continue Reading
December 21, 2022
Brown, Colleagues Call for Review of MV Realty's Deceptive Listing Agreements
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Tina Smith (D-MN), Chair of the Senate Subcommittee on Housing, Transportation, and Urban Development, and Sen. Ron Wyden (D-OR), sent a letter to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) requesting a review of real estate brokerage firms’ use of exclusive listing agreements. The letter follows several reports of … Continue Reading
December 20, 2022
Brown Applauds CFPB Actions Against Wells Fargo
WASHINGTON, D.C. - 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 CFPB announced new enforcement actions against Wells Fargo. The CFPB order requires Wells Fargo to pay $3.7 billion for mismanagement and hurting consumers.“This is what happens when you have an agency on the side of working families - not Wall Street and big corporations,” said Brown. “It is critical we protect the CFPB from … Continue Reading
December 20, 2022
Brown Presses Manufactured Housing Investors to Halt Rent Increases and Protect Ohio Seniors
Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Legacy Communities LLC, a real-estate company that owns multiple manufactured housing communities in Ohio. The letter follows several complaints from Ohioans regarding drastic rent increases and service reductions in Elyria and Navarre. Brown also wrote to Freddie Mac to request a review of their financing practices for manufactured housing communities owned by Legacy Communit… Continue Reading
December 19, 2022
Ahead of Confirmation Vote, Brown Urges Colleagues to Support Marty Gruenberg's Nomination For FDIC Chair
Today on the Senate Floor, U.S. Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, called on his colleagues to support the nomination of the Honorable Martin J. Gruenberg to be a Member and Chair of the Federal Deposit Insurance Corporation (FDIC). Gruenberg has served as Acting Chair of the FDIC since February.Sen. Brown’s remarks, as prepared for delivery, follow:Mr./Madame President,I urge my colleagues to join me in supporting the nomi… Continue Reading
December 15, 2022
Brown: Democrats Will Always Defend the CFPB and Fight for Consumers
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 Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”Sen. Brown’s remarks, as prepared for delivery, follow:Let me start by talking about two of our colleagues who are retiring at the end of this Congress.Senator Toomey sat by my side for 87 of the 89 hearings the Committee held this Congress. W… Continue Reading
December 14, 2022
Brown on FTX: Crypto Puts Consumers and Our National Security at Risk
WASHINGTON, D.C. — 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, “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers.”Sen. Brown’s remarks, as prepared for delivery, follow:First, I want to express my gratitude to the Department of Justice, the SEC, the CFTC, and the Bahamian authorities for taking this critical step to hold Sam Bankman-Fried accoun… Continue Reading
