WASHINGTON, D.C. – On the fourth anniversary of the passage of Wall Street reform legislation, U.S. Sen. Sherrod Brown (D-OH), chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, released the following statement:
“The economy has come a long way since undergoing the most severe economic downturn since the Great Depression. But while Wall Street banks are back to huge profits and executive bonuses, too many working Americans are either struggling to find work or haven’t seen a raise in years – all while their monthly costs continue to rise. While Wall Street reform added a new cop on the beat to protect consumers against unfair financial products, like costly private student loans or predatory lending, more must be done to stand up for Main Street. Today, the megabanks responsible for much of the financial crisis have grown larger, now comprising nearly two-thirds of our nation’s GDP.
“Four years later, it’s time for financial regulators to finalize important rules reining in Wall Street excesses and for Congress to pass additional reforms like those included in my bipartisan legislation with Sen. David Vitter. Our bill would require Wall Street megabanks to have enough capital to cover their losses – so taxpayers don’t have to. The progress we have made in growing our economy, rebuilding our neighborhoods and cities, and supporting the rebirth of American manufacturing must not continue to be threatened by risky Wall Street practices.”