In light of Wall Street banks allegedly manipulating the costs of commodities paid by manufacturers and ultimately consumers, a U.S. legislator from Ohio wants the Federal Reserve to flex its regulatory muscle to help eliminate these anti-competitive practices.
Democratic U.S. Sen. Sherrod Brown, of Ohio, says he and other Congressional members will call for additional hearings in the future and they intend to pressure federal officials to use their influence to make the marketplace more competitive.
“We’ve long moved beyond the days of a local trusts, savings and loans and community banks — now they also control commodities that manufacturers depend on to deliver affordable prices to consumers,” Brown said Wednesday during a media teleconference call. “Banks are not just making small business loans — they also are refining and transporting oil, they own electric power plants, they own pipelines, they own tankers, they own warehouses that store aluminum and copper, they own too many of the resources that our country needs to operate.
“There is no place in America for banks to engage in anti-competitive practices,” the senator said. “Bank holding companies (BHCs) are driving up costs for American manufacturers and consumers by hoarding commodities.”
See more on Brown's view of banking in the Thursday, July 25th edition of the Wapakoneta Daily News.