May 14, 2019

Brown Slams Mnuchin's Proposed Changes to Nonbank SiFi Designations

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released a statement today opposing the Financial Stability Oversight Council’s (FSOC) proposed interpretive guidance for nonbank SIFI designations. Brown’s comments come after former Chairs of the Federal Reserve, Ben Bernanke and Janet Yellen and former Secretaries of the Treasury, Timothy Geithner and Jacob Lew submitted a comment letter opposing FSOC’s proposed guidance. In March, Brown warned of the steps taken by FSOC to undermine post crisis financial safeguards.
“Ten years after the financial crisis, some of the largest and riskiest financial firms have been let off the hook by President Trump’s ‘so called’ regulators, who are begging for another crisis,” said Brown. “FSOC’s proposal ignores the past damage done to our financial system by encouraging Wall Street gambling and neglecting working families.”