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Ohio


Five years after the collapse, Ohio Sen. Brown says banking is better, but more oversight is needed
Brown/Vitter "too big to fail" bill has run into a stall in the Senate
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Ohio's U.S. Sen. Sherrod Brown won a second term in November, and has continued to press banking reform.
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In The Region:

Five years after AIG’s collapse sent shock waves through the  U.S. economy, Ohio’s Sen. Sherrod Brown is still trying to clamp down on the nation’s biggest banks. As WKSU’s M.L. Schultze reports, though, his most ambitious effort has largely stalled in the Senate.

LISTEN:Brown on banking

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The Democrat Brown and Louisiana Republican David Vitter announced their bill in April. It would require major banks like JP Morgan Chase and Bank of America  to meet tougher debt standards. Brown maintains that the mega-banks have an advantage over regional and small banks because creditors believe they’ll get bailouts if things go wrong as they did in 2008

Brown says regulators have better tools, and are using them more aggressivel,  than when AIG’s complex credit swaps unraveled almost exactly five years ago.

But he says they need more.

“Banking should return more to where its boing, where they aren’t engaged in this risky behavior. And government has no business building a safety net for anything beyond traditional banking. That’s why the separation of the risky behavior, the traders … need to be separated from traditional banking activity, which should in fact have a safety net and federal guarantees and federal insurance.”

Most of the banking industry is opposed to the bill, though community banks have endorsed it. The others maintain that it will hurt their ability to lend money. 



A Q&A with Sherrod Brown


Like a lot of Democrats, Ohio’s U.S. Sen. Sherrod Brown welcomed a delay in President Obama’s call on Congress to authorize military strikes on Syria. WKSU’s M.L. Schultze reports he also says he isn’t sure how he’ll vote if diplomatic efforts fall through – though he’s a lot firmer on topics including the banks and the debt ceiling.

LISTEN: A Q and A with Sherrod Brown on Syria and the economy

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(4:18)

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