WASHINGTON, D.C. – Today, 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 in response to the report issued by the non-partisan Congressional Budget Office on S. 2155. The CBO projects that S. 2155 will increase the likelihood that a systemically important financial institution – a Wall Street or global megabank -- will fail. As a result, CBO estimates the bill will increase the federal deficit by $671 million.
“The independent budget scorekeeper confirmed what we know – this bank giveaway bill will cost taxpayers,” said Brown. “Hardworking Americans shouldn’t have to pay for favors to Wall Street, foreign megabanks and their lobbyists.”
“CBO’s estimate of the bill’s budgetary effect is subject to considerable uncertainty, in part because it depends on the probability in any year that a systemically important financial institution (SIFI) will fail or that there will be a financial crisis. CBO estimates that the probability is small under current law and would be slightly greater under the legislation.”