Brown, Warren Say Commodities Expose Banks to Unmanageable Risk

Senators Sherrod Brown and Elizabeth Warren urged the Federal Reserve to bar banks from owning physical commodity assets, saying the holdings expose financial holding companies to “unprecedented and unmanageable financial, legal, environmental, and reputational risks.”

Democrats Brown of Ohio and Warren of Massachusetts outlined their position in a statement released today, the deadline for public comments on the Fed’s proposal on banks’ commodity holdings.

To contact the reporter on this story: Gregory Mott in Washington at gmott1@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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