April 21, 2023

Brown Applauds New SIFI Guidance Proposal to Strengthen Financial Stability

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, released the following statement regarding new proposed guidance from the Financial Stability Oversight Council (FSOC) on Systemically Important Financial Institutions (SIFI).

“As too many families in Ohio and across the country experienced in 2007-2008, when a financial crisis hits, working families are hit first and the hardest,” said Brown. “Today’s action is an important step to bring greater scrutiny to some of the largest and riskiest financial firms, restoring important tools that the last Administration dismantled. We need to strengthen our financial system so that risky bets on Wall Street don’t hurt workers and their families.”

Senator Brown fought the Trump Administration’s rollbacks in 2019 and called for strengthening financial safeguards.