March 11, 2020

ICYMI: Brown Again Calls For FSOC Briefing As Trump Meets With Bank CEOs, Mnuchin

As President Looks to Help Big Banks, Senator Calling on FSOC to Detail Plans to Help Americans Address Economic Downturn Due To Coronavirus

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – once again called on Treasury Secretary Steven Mnuchin, Chair of the Financial Stability Oversight Council (FSOC), and FSOC member agencies to schedule a meeting of the Council and brief the Senate Committee on Banking, Housing and Urban Affairs on the Council’s plan to address the threat of an economic downturn due to coronoavirus. Brown’s call follows today’s meeting at the White House with President Trump, Secretary Mnuchin and the CEOs of several banks.

“As President Trump and Secretary Mnuchin meet to once again bend over backward for Wall Street CEOs, the American people are still waiting for answers from the Administration. The American people are the ones facing the economic consequences of inaction. Under the Trump Administration, FSOC has failed to take the necessary steps to protect our economy and make the financial system more resilient. Now, in the face of what OECD calls ‘the gravest threat since the crisis,’ we’ve seen no action plan from FSOC on how they plan to address economic instability,” said Brown. 

In the letter, the Senator highlighted FSOC’s lack of response to other threats to financial stability and its failure to release a plan to address coronavirus to date. FSOC was originally created to ensure the stability of the financial system, yet the Trump Administration has used the Council to favor corporate profits over economic stability.  

Brown asked for a briefing of the committee as soon as possible.

A copy of the Brown’s letter can be found HERE.