Brown Slated to Head Banking Panel on Financial Institutions

Brown Expected To Take Gavel of Critical Subcommittee Responsible for Policy Related to Banks, Credit Unions, and Related Agencies


Thousands of Ohio Jobs Linked to Financial Institutions; Including Regional and Community Banks, Credit Unions

     

WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) is slated to head the Senate Banking Committee’s subcommittee that oversees financial institutions. This critical subcommittee has jurisdiction over legislation to oversee and ensure the transparency of banks, savings associations, credit unions, and financial agencies like the Federal Home Loan Bank System and the Federal Reserve. Brown’s chairmanship should be confirmed once the full Banking Committee adopts its organizing resolution.

“This chairmanship will allow me to fight for Ohio jobs, economic development, and our state’s financial institutions which employ thousands of Ohioans,” Brown said. “My main focus will be to ensure transparency and accountability for Wall Street and access to credit on fair terms for Main Street. As chair of the subcommittee, I will work to guarantee that Ohio taxpayers never have to bail out the big banks again.”

 

Financial Institutions in Ohio

 

Ohio is home to multiple financial institutions that provide jobs and services, including access to credit and insurance, for countless American consumers and small businesses. 

  • Regional Banks: Fifth Third Bank in Cincinnati, KeyCorp in Cleveland, Huntington Bank in Columbus.
  • Large Insurance Companies: Nationwide Insurance in Columbus and Progressive Insurance in Cleveland. Columbus is second only to Hartford, Connecticut in concentration of insurance jobs.
  • Community Banks: Ohio also has 240 FDIC-insured community banks with $2 trillion in bank assets – ranking fourth in the nation.
  • Credit Unions: Ohio has 390 credit unions

The subcommittee was formerly chaired by Tim Johnson (D-SD), who will now chair the full Banking Committee. Since joining the U.S. Senate Committee on Banking, Housing and Urban Affairs, Sen. Brown has fought for policies that protect Ohio’s middle-class families from unfair financial practices. As Chairman of the Economic Policy Subcommittee in the last Congress, Brown held a series of hearings on best practices to promote American manufacturing.

 

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