Ohio Senator Wants to Change SEC Reporting Rules
Capitol News Connection – Description:
Democratic Senator Sherrod Brown says Ohio’s manufacturing base can’t be reinvigorated without getting financial companies to think long-term. He wants to change the SEC rules that require corporations to report their quarterly earnings.
Transcript:
NARR: Brown says the financial sector is plagued with “short-termism” … a mindset that focuses on turning quick profits … instead of maintaining steady long term investments. He points to the Hugo Boss plant in suburban Cleveland that was nearly closed this month. The German clothes manufacturer is owned by a financial company.
Brown says U-S policies promote speculation by investment firms … while also encouraging manufacturers to move overseas. He says the financial reform legislation before the Senate takes steps to address that … like limiting risky trading of assets.
BROWN1 “We’re going to do some things in the banking bill that dampen speculation and help with capital formation – capital formation in a longer, patient capital kind of way that will mean good news for manufacturing and good news for economic growth.”
