There’s a new banking bogeyman poised to join the national stage.
While the financial industry has already been sweating the potential rise of Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., as top 2020 presidential contenders, another prominent bank critic, Sen. Sherrod Brown, D-Ohio, is now suggesting that he’s seriously considering a bid as well.
“This will very much be a family decision,” Brown told the Cleveland Plain Dealer
While Brown
He was
There’s good reason to think that if Brown does move forward, he could be a serious competitor — especially as questions linger about whether he
Top of mind for many is Brown’s ability to win big in Ohio — a state that turned out to be a Trump stronghold in 2016. Could Brown be the president’s antidote on the left? Many are beginning to
Brown beat his Republican opponent, Rep. Jim Renacci, by more than 6 percentage points last week on a populist, progressive message that emphasized supporting blue-collar workers, seniors and veterans and what he’s termed “
For banks, a potential bid by Brown is likely to raise alarms given the Ohio Democrat’s longtime criticism of the industry.
As the top Democrat on the Senate Banking Committee, Brown vigorously opposed the regulatory relief bill that passed this spring. He’s also been critical of efforts by regulators to roll back Dodd-Frank Act requirements and argued for tougher enforcement against Wells Fargo amid its numerous scandals. Brown has also previously authored legislation that would dramatically raise capital requirements on the biggest institutions in an effort to break them up.
Those are all positions he’s likely to take with him into any nationwide run. In 2016, financial issues took a backseat in the battle against Donald Trump and Hillary Clinton, a welcome reprieve for banks tired of being a political punching bag. But as Warren, Sanders and now Brown look ahead to 2020, banks had better get ready.
Bankshot is American Banker’s column for real-time analysis of today's news.