WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs blasted the Federal Reserve’s decision to weaken the Volcker Rule today. The Volcker Rule, which is a part of the Dodd-Frank Wall Street Reform law, prohibits banks and financial institutions that own a bank from engaging in speculative trading using taxpayer-backed deposits. Today’s actions represent another harmful step forward by financial regulators to implement Wall Street’s agenda and roll back Dodd-Frank, consistent with the blueprint laid out last year by Secretary Mnuchin.
“This proposal creates more risk in the financial system. Last week, S. 2155 was signed into law, this week it is Volcker Rule rollbacks, and we know there’s more to come. This administration is determined to protect big banks instead of protecting consumers or taxpayers from another financial crisis.”