Consumer Protection
As a fierce consumer rights advocate, Sherman has long fought to protect consumers from all forms of abuse, fraud, and predatory practices.
Congressman Sherman was among the leaders behind the formation of the Consumer Financial Protection Bureau (CFPB), which protects consumers from financial institutions issuing credit cards and offering costly overdraft protection.
From 2019-2023, Sherman served as Chairman of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets where he worked to institute and maintain consumer safeguards.
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More on Consumer Protection
WASHINGTON, DC -- Congressman Brad Sherman (CA-32), senior member of the House Financial Services Subcommittee and ranking member on the Capital Markets Subcommittee, led a hearing to protect American's freedom to responsibly invest.
The Capital Markets Subcommittee hearing focused on Republican efforts to prevent shareholders from knowing the environmental impact of the company and calling for shareholder votes.
WASHINGTON, DC -- Congressman Brad Sherman (CA-32) joined his fellow Democratic colleagues from the House Committee on Financial Services at a press conference to respond to Republican efforts to undermine responsible investing.
Washington, DC -- Lawmakers led by Congressman Brad Sherman (CA-32) and Senator Elizabeth Warren (Massachusetts) sent a letter to the IRS calling on the agency to make the free pilot electronic tax filing system available to more taxpayers next filing season.
"Today I, along with Senator Warren and dozens of my colleagues, called on the IRS to make the agency's free pilot direct tax filing system available next filing season to better serve American taxpayers," said Congressman Sherman, the only democrat CPA currently in Congress.
Washington, D.C. — Congressman Brad Sherman (CA-32) and fellow democratic members of the House Committee on Financial Services announced the introduction of a slate of reform bills in response to the recent bank failures that triggered the worst crisis for the sector since 2008.
"Although more must be done, today represents a significant step towards restoring confidence in our financial system," said Congressman Sherman.
Washington, D.C. -- Today Congressman Brad Sherman (CA-32), senior member of the House Committee on Financial Services, and Congressman Stephen Lynch (MA-8) sent a letter to the United States Treasury Department and the I.R.S. to urge the prompt release of proposed regulations that would bring the cryptocurrency industry into full tax compliance.
"For many years, the cryptocurrency industry has been a major source of tax evasion and a significant part of the nation's tax gap," said Congressman Sherman.
Washington, D.C. – In advance of a much-anticipated report by the IRS on May 16th, 2023 regarding free direct e-filing, Congressman Brad Sherman (CA-32) and Congresswoman Katie Porter (CA-47) were joined by 16 other Members of Congress in sending a letter to the IRS urging them to create a free, direct e-file tool for American taxpayers.
Washington, D.C. -- Congressman Brad Sherman (CA-32), former Chairman of the House Financial Services Subcommittee on Investor Protection, called on the Securities & Exchange Commission (S.E.C.) to look at Grayscale Investments' claim that the agency is barring it from letting investors redeem shares for Bitcoin that they deposited into its $17.4 billion trust, known as GBTC.
Washington, D.C. -- Today, the Chair of the U.S. Securities and Exchange Commission (S.E.C.), Gary Gensler appeared before the House Committee on Financial Services for a hearing examining the oversight of the S.E.C.
Congressman Brad Sherman, senior member of the House Financial Services Committee, questioned the S.E.C. chair on a range of issues pertaining to consumer and investor protection.
"Investor protection is not the antithesis of capital formation, it is the necessary antecedent," said Sherman during the hearing.
With the acute phase of the Silicon Valley Bank and Signature Bank debacle coming to a close, Congress now has an opportunity to make the financial system safer.
There are only three dozen medium-sized banks — with between $50 and $250 billion in total assets — in the United States. Two failed within a week, and several others needed help to survive. Clearly, better regulation of this sector is needed.
Washington, D.C. - During House floor remarks, Congressman Brad Sherman (D-CA) spoke about HR 22, the "Protecting America's Strategic Petroleum Reserve From China" Act.
"What political nonsense this bill is," exclaimed Sherman. "It allows an American oil company to buy oil from the SPR on Monday and sell it to China on Tuesday, which means it's fine for them to see SPR oil going to China as long as an American oil company makes a little money out of it."
"We need to ban the exports of natural gas when prices are too high for American consumers," Sherman concluded.