Minority Press Releases
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
December 13, 2022
Brown Advances FDIC and HUD Nominees
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the nominations of: The Honorable Martin Gruenberg to be a Member and Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC); Mr. Travis Hill to be a Member and Vice Chairperson of the Board of Directors of the FDIC, Mr. Jonathan McKernan to be a Member of the Board of Directors of the FDIC,… Continue Reading
December 12, 2022
Brown, Toomey Statement on Bankman-Fried's Refusal to Testify
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse this week or December 20th, 2022. “Virtually every CEO, financial regulator, and administration official for Republicans and Democrats has… Continue Reading
December 9, 2022
Brown, Toomey Update on Sam Bankman-Fried Testimony
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse. “Sam Bankman-Fried’s counsel did not respond by the stated deadline. We believe it’s important that Bankman-Fried show he is willing to prov… Continue Reading
December 8, 2022
Brown, Toomey Statement on Sam Bankman-Fried Testimony
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and U.S. Sen. Pat Toomey (R-PA), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding the Committee’s request that Sam Bankman-Fried testify on FTX’s collapse.“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The Ameri… Continue Reading
December 8, 2022
Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook
Date: December 8, 2022To: Reporters and EditorsFrom: Committee on Banking, Housing, and Urban Affairs Majority StaffRe: Banking and Housing Committee Democrats Year-End Recap and Next-Year Outlook Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement and memo on the Committee’s accomplishments of the past year, as well as priorities for the 118th Congress.“The Banking, Housing, and Urban Affairs Co… Continue Reading
December 6, 2022
Brown, Casey, Colleagues Introduce Bill to Ensure a Fair Banking System
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, along with Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), introduced the Close the Shadow Banking Loophole Act, legislation to require companies that own an industrial loan company (ILC) to be subject to the same rules and consumer protections as traditional banks.“Letting Big Tech and commercial companies operate banks without proper oversight will only open doors … Continue Reading
December 1, 2022
Brown: We Must End Discrimination in Banking
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, “Fairness in Financial Services: Racism and Discrimination in Banking.”Sen. Brown’s remarks, as prepared for delivery, follow:When work has dignity, every American can fully participate in and receive the benefits of our dynamic economy.Financial services and products have played a critical role in … Continue Reading
November 30, 2022
Brown Calls for Action to Protect Homeowners from Zombie Mortgages
WASHINGTON, D.C. — Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), to urge the CFPB to review second mortgage servicing practices of the servicers and debt collectors it supervises. The letter follows reports that mortgage servicers are attempting to collect or foreclose on second mortgages borrowers did not know they had, which could put homeownersh… Continue Reading
November 30, 2022
Brown Opening Statement at Nomination Hearing
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 nomination hearing for The Honorable Martin Gruenberg, nominee to be a Member and Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC), Mr. Travis Hill, nominee to be a Member and Vice Chairperson of the Board of Directors of the FDIC, Mr. Jonathan McKernan, nominee to be a Member… Continue Reading
November 30, 2022
Brown to Treasury: We Need to Work Together on Crypto Legislation
WASHINGTON, D.C. - Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, wrote to U.S. Treasury Secretary and Chair of the Financial Stability Oversight Committee (FSOC) Janet Yellen about the need to address troubling risks in the crypto asset markets, as highlighted by FTX’s recent collapse.In his letter, Brown calls on Secretary Yellen to work together with him and other financial regulators to develop comprehensive crypto legislation: “In t… Continue Reading
November 21, 2022
Brown, Colleagues Call on Bank Regulators to Review SoFi's Crypto Activities
WASHINGTON, D.C. - Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Committee members Sens. Jack Reed (D-RI), Chris Van Hollen (D-MD), and Tina Smith (D-MN) sent letters urging Federal Reserve Vice Chair for Supervision Michael Barr, FDIC Acting Chair Marty Gruenberg, and Acting Comptroller Michael Hsu to review SoFi’s crypto trading activities. The lawmakers highlighted the risk to consumers when banks trade volatile crypto assets and w… Continue Reading
November 15, 2022
Brown: Our Regulators Must Stay on the Side of Workers and Families
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 “Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street.”Sen. Brown’s remarks, as prepared for delivery, follow:We know that most Americans want the same things - a safe, affordable place to call home, a good-paying job, and a strong, stable government that they c… Continue Reading
November 14, 2022
Brown Applauds Marty Gruenberg's Nomination For FDIC Chair
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after President Biden announced the nomination of the Honorable Martin J. Gruenberg to be Chair of the Federal Deposit Insurance Corporation (FDIC). Gruenberg has served as Acting Chair of the FDIC since February.“I applaud President Biden’s nomination of Marty Gruenberg to be Chair of the FDIC. Marty has years of experience shepherding the … Continue Reading
November 10, 2022
Brown Statement on FTX
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding FTX’s collapse.“The recent collapse of FTX is a loud warning bell that cryptocurrencies can fail, and just like we saw with over-the-counter derivatives that led to a financial crisis, these failures can have a ripple effect on consumers and other parts of our financial system. The cryptocurrency market’s continued turmoil is why we must th… Continue Reading
November 1, 2022
Brown Calls on FTC to Review Whether Rental Pricing Algorithms Violate the Law
WASHINGTON D.C. - Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Lina Khan, Chair of the Federal Trade Commission (FTC), to urge the FTC to review property owners’ and landlords’ use of price optimization software like RealPage’s YieldStar and AI Revenue Management to set rents. The letter follows reports that the software’s algorithm inflated rents and suppressed competition in the housing market.“According to recent repo… Continue Reading
October 25, 2022
Ahead of FOMC Meeting, Brown Reminds Chair Powell of the Fed's Mandate to Promote Maximum Employment
WASHINGTON D.C. - Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve, to remind the Federal Reserve of its responsibility to maintain full employment. The letter makes clear that the Fed’s fight against inflation must not hurt workers.“As you know, the Federal Reserve is charged with the dual mandate of promoting maximum employment, stable prices, and modera… Continue Reading
October 21, 2022
Statement from Senator Brown on the Fifth Circuit CFPB Opinion
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 Fifth Circuit determined the Consumer Financial Protection Bureau's (CFPB) funding structure unconstitutional:“Today, the Fifth Circuit chose to favor Wall Street over consumers. After more than a decade of coordinated and sustained attacks on consumers, and repeated failures to weaken the CFPB, big corporations and anti-consu… Continue Reading