Financial Services & Housing Policy That Works for Main Street
The health of our economy depends on stable, fair, and efficient financial markets, and I will continue fighting for the changes needed to prevent another financial crisis from affecting small businesses and working families on Main Street. We must lay the groundwork for a financial system that looks after our workers, invests in our small businesses, and strengthens our middle class. And we must ensure that Ohio’s financial institutions can continue to provide affordable credit and insurance to small businesses.
Stable, affordable housing is critical to ensuring strong neighborhoods, schools, and communities. But the sub-prime lending crisis hit Ohio particularly hard. Foreclosures affect the property values of surrounding homes and lead to vacant lots vulnerable to crime. Unemployment and reduced tax revenues deplete the very state and local resources needed to address vital social services. As the Chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, I’m working to rebuild our neighborhoods and ensure every Ohioan has a place that he or she can call home.
At Senate Banking Hearing, Brown To Call For Simplified, Strengthened Standards That Ensure Wall Street Megabanks Have Capital Needed To Prevent “Too Big To Fail”
During a hearing today, the Senate Banking Committee will examine efforts by U.S. banking agencies to adopt new bank capital standards that ensure financial institutions have the equity needed to back up their lending, investments, and trading practices. U.S. Sen. Sherrod Brown (D-OH), who chairs the Committee’s panel on Financial Institutions and Consumer Protection, will renew his call to address the “Too Big to Fail” problem by ensuring that the nation’s largest banks have higher capital standards and helping smaller community banks compete.
“As Wall Street megabanks have become more complex and less transparent, so have the…Read MorePosted on 11/14/2012 |
Sens. Sherrod Brown, David Vitter Ask U.S. Banking Agencies to Simplify and Strengthen Bank Capital Standards
WASHINGTON, D.C.- Amidst growing calls from noted banking regulators and the nation’s community banks, U.S. Sens. Sherrod Brown (D-OH) and David Vitter (R-LA) are urging the U.S. banking agencies to simplify and strengthen new bank capital standards. With the U.S. beginning to implement the Basel III international capital standards, Brown and Vitter urged the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the FDIC to abandon the overly complex approach of the Basel II accord, and to focus on higher and more loss-absorbing capital buffers. Recently, Tom Hoenig of the Federal Deposit Insurance Corporation…Read MorePosted on 10/17/2012 |
U.S. Sen. Sherrod Brown (D-OH) joined students at Ohio University today to discuss efforts to keep college affordable for all Ohioans. Earlier this year, student loan debt outpaced credit card debt, soaring to more than $1 trillion.
“Now more than ever, a college degree is the key to good-paying jobs and a secure future,” Brown said. “But increasingly high debt means fewer students will be able to buy a home, start a business, or continue on to graduate school. Students who are already struggling to afford higher education shouldn’t worry about high interest rates and bills rolling in after graduation. That’s why I’m work…Read MorePosted on 9/29/2012 |
Brown Statement On Court Decision Blocking The Ability Of CFTC To Crack Down On Oil Speculation Driving Up Gas Prices
COLUMBUS, OH - U.S. Sen. Sherrod Brown (D-OH) today issued the following statement on a federal court decision to stop the Commodity Futures Trading Commission (CFTC) from implementing portions of the bipartisan Wall Street Reform Law aimed at cracking down on speculation that causes high gas prices:
“This decision defies logic and it defies history. We’re seeing gas prices rise long before the peak summer driving season-and excessive oil speculation is a key source of these cost spikes. In fact, one recent report showed that out-of-control speculation added 56 cents to the price of every gallon of gasoline from the pump—and that’s outrageous.…>Read MorePosted on 9/28/2012 |
U.S. Sen. Sherrod Brown (D-OH) and Rep. Tim Ryan (OH-17) today introduced legislation that would restore the full pensions of Delphi retirees. The bill would transfer certain proceeds from the sale of government stock of General Motors to a fund at the U.S. Treasury Department that would supplement payment to the Delphi retirees.
“Thousands of retirees in Ohio dedicated their careers to working for Delphi and General Motors, but many of these retirees have yet to receive the pensions they earned and deserve,” Brown said. “Solutions to restore these pensions are long overdue. It’s time to put politics aside on this issue. Instead of…Read MorePosted on 9/13/2012 |
Sen. Brown Announces Ohioans in Defiance, Paulding, and Van Wert Counties Affected by Severe Weather Eligible for Small Business Administration Disaster Loans
New federal assistance is available to homeowners, renters, and small business owners that experienced financial loss due to severe storms and high winds that occurred between June 29, 2012 and July 3, 2012. U.S. Sen. Sherrod Brown (D-OH) today announced that the United States Small Business Administration (SBA) will make available federal, low-interest disaster loans to residents and businesses affected by the storm.
“Residents and small business owners in Defiance, Paulding, and Van West counties can now access resources needed to recover from severe storms that swept through the area earlier this summer-which may have impacted their home or…Read MorePosted on 8/8/2012