Magazine article American Banker

Sherrod Brown Lauds JPM Pay Hikes, 'Hopeful' on Dodd-Frank Reform

Magazine article American Banker

Sherrod Brown Lauds JPM Pay Hikes, 'Hopeful' on Dodd-Frank Reform

Article excerpt

Byline: Joe Adler

The leading Democrat on the Senate Banking Committee said Tuesday he was "optimistic" about lawmakers improving the Dodd-Frank Act next year, while lauding JPMorgan Chase's decision to raise its minimum wage from $10.15 an hour to $12.

Sen. Sherrod Brown, D-Ohio, the committee's ranking Democrat, was not quite clear on what changes the panel could consider to Dodd-Frank. He did, however, note the committee's coming leadership change. With current Chairman Richard Shelby term-limited as head of the panel, the gavel will switch either to Brown or No. 2 Republican Mike Crapo, of Idaho, following the election. (Brown has also been mentioned as a potential vice presidential running mate for Hillary Clinton.)

"I'm more optimistic with the Senate Banking Committee next year ... Senator Shelby is term-limited out, whether in the majority or minority. I will be the chair, with Senator Crapo as ranking, or the other way around. We have a working relationship," Brown said in a discussion for an event on shadow banking at the Center for American Progress. "I'm hopeful that we can see some real things happen to make Dodd-Frank better."

He noted his interest in reforming the Financial Stability Oversight Council, saying there was room for improvement in the transparency of the oversight panel as well as strengthening its overall regulatory authority. The FSOC recently announced that it had rescinded the "systemic" designation for GE Capital. …

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