Brown to be top Democrat on Banking Committee

Sen. Sherrod Brown will become the ranking Democrat on the Senate Banking Committee next month when Republicans take control of the chamber. Brown, D-Ohio, was able to take the senior slot because Sen. Charles Schumer, D-N.Y., chose not to.

The banking panel has oversight of the nation’s banks and insurance companies, industries which have a strong presence in Ohio. The committee also deals with the Federal Reserve Board, public and private housing, and exports.

“From checking accounts and home loans to public transportation and economic development, the banking committee affects Ohioans in many ways,” Brown said in a statement.

Sen. Richard Shelby, R-Ala., is expected to become the new chairman.