May 22, 2018

Brown Statement On House Passage Of S.2155, The Dodd-Frank Roll Back Bill

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 passage S. 2155, the Dodd-Frank Roll Back Bill in the House of Representatives. Brown, a leading and vocal opponent of the legislation, raised concerns that this bill does next to nothing for consumers, while scaling back protections for homeowners and putting taxpayers at risk of another bank bailout. The Congressional Budget Office (CBO) estimated that S.2155 will increase the federal deficit by $671 million. The Dodd-Frank Roll Back Bill comes at a time when bank profits are at a record high, with Federal Deposit Insurance Corporation data showing that banks’ net income hit a record high of $56 billion in the first quarter of 2018 – an increase of 27.5% over last year when including the recent tax bill. In total, bank profits are up by around 135% since the passage of Dodd-Frank.

“This Congress once again missed an opportunity to pass meaningful bipartisan legislation that would help community banks and provide real protections for consumers. Instead, we rolled back accountability measures for the largest banks at a time of record profits, windfall tax breaks and skyrocketing CEO pay. This bill will weaken oversight of foreign megabanks operating in the U.S., allow the biggest banks to operate with more debt and eliminate protections against home mortgage discrimination, all at the expense of taxpayers. I will continue fighting against further rollbacks that put American taxpayers at risk of bailing out big banks.”