On Friday, December 12, 2014, Senator Sherrod Brown (D – OH) announced that he would serve as the top Democrat Ranking Member on the Senate Committee on Banking, Housing and Urban Affairs for the 144th Congress that begins this January. Brown will replace current Republic Ranking Member Mike Crapo (R – ID). Democrat Tim Johnson (D – SD) currently chairs the committee and commented in a statement, “Senator Brown has been a hardworking, fair-minded, and active member of the Banking Committee who possesses a keen understanding of the Committee’s issues.”
Brown, who has been a vocal critic of big banking and ‘too big to fail,’ was expected to be appointed to this position. Even Senator Richard Shelby (R – AL), who is expected to serve as Brown’s counterpoint as Chairman, takes a harder line against Wall Street than most of his conservative peers. Together the pair will likely continue to scrutinize how the practices of the banking sector affect American consumers.
In his statement accepting the position, Brown said, “This committee is about ensuring a fair set of rules for all financial institutions while protecting taxpayers and consumers.” He added, “We must ensure transparency and accountability for Wall Street and access to credit on fair terms for Main Street.” In his new position, Brown will be a key player in influencing banking policy.
- Johnson Statement: http://www.banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=85e96b08-a6b0-1598-9b8b-bdf6e63be0c7
- Brown Statement: http://www.brown.senate.gov/newsroom/press/release/brown-will-lead-democrats-on-powerful-senate-banking-committee