Quarles can remain a Fed governor through 2032, but the Biden administration could have the opportunity to replace him as the head of regulatory matters once his term as vice chairman for supervision ends in October.īrown said he would like to see him replaced by someone ideologically similar to Daniel Tarullo, the Fed governor from 2009 to 2017 who installed the central bank’s post-crisis stress testing regime. Bancorp ( USB), PNC Financial ( PNC), Capital One ( COF), and Charles Schwab ( SCHW). That scrutiny could include the additional regulatory tweaks that the Fed put in place under Trump-appointee Randal Quarles.Īs the Fed’s vice chairman of supervision, the Fed reduced liquidity and funding requirements on large super-regional banks like U.S. Among the many changes: freeing many banks from Volcker Rule restrictions on proprietary trading.īrown said he does not plan on revisiting that bill, but will look at the implementation of regulatory changes made over the last few years. Under the Trump administration, the GOP and some moderate Democrats in 2018 were able to pass a bill rolling back portions of the Dodd-Frank Act. Outlook on bank regulationīrown was a staunch opponent of reforms made under current committee chairman Mike Crapo, a Republican from Idaho who drove efforts to pare back some Obama-era regulations installed after the Great Financial Crisis. “The first priority is COVID and doing what we need to do to grow this economy,” Brown said. On racial justice, Brown noted that financial firms have shown greater interest in acknowledging the racial economic gap but said he would like to see a regulatory system that “will lead them maybe a little more rapidly in that direction.”īrown said calling Wall Street CEOs to testify on Capitol Hill is a possibility, expressing a desire to question the big banks over “huge” CEO payouts and executive compensation.īut in the early days of the Biden administration, Brown said his main priority will be COVID-19 relief. Regulators like the Federal Reserve have already floated the idea of improving transparency within the banking industry on how they price climate risks. Reuters reported Tuesday that the Biden administration will pick Gary Gensler to head the Securities and Exchange Commission, which could have a hand in crafting disclosure requirements on climate change-related matters. (Photo by Samuel Corum/Getty Images)īrown did not elaborate on specifically how he would pursue legislation targeting his priorities, but said he has asked prospective nominees with administration roles to consider their roles in assessing climate risk. Democratic House managers continue their opening arguments on Thursday as the Senate impeachment trial of President Donald Trump continues. WASHINGTON, DC - JANUARY 23: Senator Sherrod Brown (D-OH) walks back to the Senate floor following a dinner recess in the Senate impeachment trial of President Donald Trump on Januin Washington, DC.
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