WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) will serve as the lead Democrat – or Ranking Member – of the Senate Banking Committee when the 114th Congress convenes in January. The Senate Committee on Banking, Housing, and Urban Affairs has jurisdiction over a wide range of policy matters including banking, insurance, housing, capital markets, securities, urban development and mass transit, international trade and financing, and economic policy.
“From checking accounts and home loans to public transportation and economic development, the Banking Committee affects Ohioans in many ways,” Brown said. “This committee is about ensuring a fair set of rules for all financial institutions while protecting taxpayers and consumers. Serving as Ranking Member will allow me to continue to fight for Ohio consumers, Ohio jobs, and Ohio economic development and for our state’s financial institutions and their customers. We must ensure transparency and accountability for Wall Street and access to credit on fair terms for Main Street.”
“We are pleased that Senate leadership has selected Senator Brown to be the Ranking Member of the important Senate Banking Committee,” Mike Adelman, President & CEO of The Ohio Bankers League, said. “Senator Brown has always been accessible and understands the crucial role Ohio banks play in economic development and job growth. We look forward to continuing our working relationship with Senator Brown as he takes on more responsibility in Washington.”
“Senator Brown has been a great supporter of credit unions and clearly understands the important role Ohio’s cooperative financial institutions play in the lives of their three million members,” Paul Mercer, President of the Ohio Credit Union League, said.. “We are confident that Senator Brown will keep the best interests of Ohioans in mind as he assumes this leadership position of one of the most influential Congressional committees.”
“We are very excited that Senator Brown was chosen for this critically important position,” Bill Faith, Executive Director of Coalition on Homeless and Housing in Ohio (COHHIO), said. “He has such a strong track record of fighting for housing that is safe and affordable for the lowest-income Americans, standing up for consumer protections against predatory lenders and Wall Street, and helping homeowners avoid foreclosure. He will make Ohio proud in his new leadership role on this prestigious committee.”
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.
- Banks: Ohio has 215 FDIC-insured banks with more than $2 trillion in bank assets – ranking among the top in the nation – including top regional banks Fifth Third Bank in Cincinnati, KeyCorp in Cleveland, and Huntington Bank in Columbus.
- Credit Unions: Ohio has approximately 400 credit unions, and its cooperative institutions serve some three million members
- Insurance Companies: More than 250 insurance companies are domiciled in Ohio, including three of the top 25 – Progressive Insurance in Cleveland, Nationwide Insurance in Columbus, and Cincinnati Financial Group. Columbus is second only to Hartford, Connecticut in concentration of insurance jobs.
For the last four years, Brown has served as the Chair of Banking Subcommittee on Financial Institutions and Consumer Protections. He also served as a previous chair of its Subcommittee on Economic Policy.