March 08, 2019

Brown Statement on FSOC's Proposed Changes to Nonbank SIFI Designation

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) proposed interpretive guidance for nonbank SIFI designations.

“The steps taken by Secretary Mnuchin and the Financial Stability Oversight Council undermine important post-crisis financial safeguards,” said Brown.  “The new proposal ignores the damage done to our financial system during the last crisis and the risks still posed by shadow banks and other financial institutions.  FSOC is no longer protecting financial stability or taxpayers.”