Today marked the final hearing for U.S. Senator Sherrod Brown (D-OH) as Chairman of the Senate Committee on Banking, Housing, and Urban Affairs. The hearing was titled “Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work.”
Senator Brown has been a member of the committee since 2007 and became its Chair in 2021 after serving as Ranking Member from 2015. Reflecting on his tenure, he remarked that when he joined, "Wall Street ought to be left largely to its own devices," which led to significant economic challenges.
Following the financial crisis, reforms such as the Dodd-Frank Wall Street Reform and Consumer Protection Act were enacted. Brown noted that this law improved banking safety by increasing capital requirements and preparing banks better for crises.
Despite these changes, he highlighted ongoing challenges: "We still have an economy where hard work doesn’t pay off like it should." He emphasized efforts made under his leadership to refocus the committee’s priorities on workers rather than corporate interests.
Brown outlined achievements during his chairmanship including improvements in public transit infrastructure in Ohio and legislative victories against payday lending practices. He stressed the importance of maintaining consumer protections through entities like the Consumer Financial Protection Bureau (CFPB), which has returned billions to Americans since its inception.
Looking ahead, Brown expressed concerns about rising housing costs, private equity's growing influence, and technological risks in finance. He urged continued vigilance against corporate interests that may undermine workers' welfare.
As he concluded his role as Chair, Senator Brown thanked colleagues and staff for their contributions. He expressed confidence in Senator Warren’s ability to continue advocating for working Americans against corporate influence.