July 27, 2023

Brown: New Capital Requirements Will Strengthen Our Banking System, Protect Americans’ Money

Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee issued the following statement after the Office of the Comptroller of the Currency, Federal Reserve, and Federal Deposit Insurance Corporation proposed stronger capital requirements for big banks.

“Strong capital requirements help banks lend and invest in their communities in good times and bad, protect taxpayers, and prevent crises. As we saw during the 2008 financial crisis and the recent failure of Silicon Valley Bank, when banks take on too much risk with too little capital, workers and small businesses pay the price,” said Brown. “New, stronger capital rules will help make our banking system stronger and more stable so that Americans’ money is safe and local economies can continue to grow.”

Brown has long supported stronger capital requirements on big banks and called on the banking regulators to implement stronger liquidity and stress tests in the wake of the recent bank failures.