October 17, 2018

Brown Statement On FSOC's De-Designation of Prudential

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 the following statement on the Financial Stability Oversight Council’s (FSOC) decision to rescind designation of Prudential Financial as a systemically important financial institution.

“I’m deeply disappointed, but not surprised, by the decision of the FSOC under Secretary Mnuchin’s leadership to abandon the Council’s mission to protect taxpayers from systemic risk. Prudential is bigger and more complex than it was in 2013, and the decision to abandon its required federal oversight is reckless and could lead to future bailouts. This Administration has once again failed consumers, investors and taxpayers by weakening the rules for some of the largest financial companies in the U.S.”