{"database": "press", "table": "releases", "rows": [["https://www.reed.senate.gov/news/releases/reed-and-brown-hail-fsocs-steps-to-enhance-oversight-of-shadow-banks", "Reed & Brown Hail FSOC\u2019s Steps to Enhance Oversight of Shadow Banks", "2023-11-03", "2023", "2023-11", "Democrat", "Senate", "RI", "Jack Reed", "R000122", "www.reed.senate.gov", "jackreed", "https://www.reed.senate.gov/news/releases", "scraper", "WASHINGTON, DC -- Today, after the multi-regulator Financial Stability Oversight Council (FSOC) -- a group of the top U.S. financial regulators led by the U.S. Treasury Department -- finalized a framework on financial stability risks and nonbank financial company oversight, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, and U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking Committee, who led a joint letter encouraging FSOC to adopt the guidance, issued the following joint statement:\n\n\u201cFSOC\u2019s new guidance is a prudent, balanced, and necessary step toward protecting the U.S. economy and ensuring adequate oversight of shadow banks like private equity and hedge funds.\n\n\u201cIt is a forward-looking effort to rein in unregulated financial giants before their overleveraged, interconnected activities threaten the economy with a repeat of the 2008 financial collapse. Remember, many of these entities have benefited from trillions of dollars in bailouts in the wake of that collapse and the pandemic. Shadow banks need stronger oversight and regulation.\n\n\u201cToday\u2019s guidance wisely corrects Trump-era changes that weakened FSOC oversight and rolled back protections which left taxpayers with the bill for Wall Street\u2019s excess. This new guidance will revitalize FSOC\u2019s powerful tools for policing shadow banks.\n\n\u201cIt will also bring more transparency to FSOC\u2019s regulatory approach. Both the public and the financial sector will benefit from the rigorous and transparent regulatory process that FSOC will use.\n\n\u201cWe applaud Secretary Yellen and the Council for their work today to protect our economy from shadow bank risks.\u201d", 1, "2026-03-30T01:40:41Z", "2026-04-08T01:01:09Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.reed.senate.gov/news/releases/reed-and-brown-hail-fsocs-steps-to-enhance-oversight-of-shadow-banks"], "units": {}, "query_ms": 1.966655720025301, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}