Brown to Powell: Stop deregulation until nominations are announced

U.S. Sen. Sherrod Brown (D-OH), chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, wrote a letter to Federal Reserve Chair Jerome Powell requesting the Fed make no more movements toward deregulating the banking industry until President Joe Biden announces his nominees for upcoming board terms.

The letter came after it was announced Federal Reserve Vice Chair for Supervision Randal Quarles’ term ended. Quarles will remain a governor at the Fed.

For details from the letter, read on.