WASHINGTON , Jan. 14 -- The office of Sen. Sherrod Brown , D- Ohio , has issued the following news release: Following today's announcement by the Federal Reserve, U.S. Senator Sherrod Brown (D-OH) released the following statement: "This decision, while a step forward, is still overdue and insufficient. It has been almost 15 years since the passage of Gramm-Leach-Bliley, more than a decade since the first bank received approval from the Fed, and more than five years since investment banks became bank holding companies. Each day that we wait to rein in these activities means that end users and consumers will pay higher commodity and energy prices, and taxpayers will continue to be exposed to excessive risks at Too Big to Fail banks." In July 2013 , Brown chaired a hearing of the Banking Subcommittee on Financial Institutions and Consumer Protections to shine a light on physical commodities operations at bank holding companies. Brown called for immediate action to crack down on these activities and urged federal regulators to increase their oversight of nonfinancial activities. http://www.brown.senate.gov/newsroom/press/release/brown-outlines-efforts-to-crack-down-on-risky-wall-street-practices-that-may-cause-price-spikes-in-gas-electricity-and-canned-soft-drinks-for-ohio-consumers On Wednesday, Brown will chair a hearing of the Banking Subcommittee on Financial Institutions and Consumer Protection. The hearing, entitled "Regulating Financial Holding Companies and Physical Commodities ," will examine the practices of federal regulators overseeing financial holding companies owning physical commodities - like aluminum or oil. Information on tomorrow's hearing can be found: HERE. http://www.brown.senate.gov/newsroom/press/release/brown-to-chair-hearing-examining-oversight-of-nonfinancial-activates-at-finical-holding-companies A live stream of the hearing can be viewed HERE. http://www.banking.senate.gov/public/ TNS 30TacordaCheng-140115-4601308 30TacordaCheng
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?