TV News LIES

Friday, Nov 21st

Last update07:13:21 AM GMT

You are here News Congress Too-Big-to-Fail Bill Seen as Fix for Dodd-Frank Act’s Flaws

Too-Big-to-Fail Bill Seen as Fix for Dodd-Frank Act’s Flaws

E-mail Print PDF

Too big to fail“Too-big-to-fail” legislation unveiled in Washington today is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.

The four largest banks -- JPMorgan Chase & Co. (JPM), Bank of America Corp., Citigroup Inc. and Wells Fargo & Co -- “are nearly $2 trillion larger than they were” before getting U.S. aid to help them weather the 2008 credit crisis, Senator Sherrod Brown said in a news conference today.

“If big banks want to continue risky practices, they should do so with their own assets,” said Brown, an Ohio Democrat. “Our bill will ensure a level playing field for all financial institutions by ending the subsidy for Wall Street megabanks and requiring banks to have adequate capital.”

Brown and Republican Senator David Vitter of Louisiana, whose plan is opposed by key lawmakers, are proposing a 15 percent capital requirement for so-called megabanks as a way to reduce risk and remove the perception that they would get bailouts in a crisis. Mid-size and regional banks, those between $500 billion and $50 billion in assets, would need to have 8 percent capital relative to assets.

More...


Most Recent Related Stories...


House Republicans Pass Bill Forbidding Scientists from Advising EPA on Their OWN Research

GOP stops scientific adviceCongressional climate wars were dominated Tuesday by the U.S. Senate, which spent the day debating, and...

Senate blocks NSA phone records measure

NSA data collectionThe Senate on Tuesday blocked a bill to end bulk collection of Americans' phone records by...

Senate Torture Report Talks Break Down As Administration Pushes For Redactions

Dianne FeinsteinNegotiations between the Obama administration and the Senate over how much of the upper chamber's CIA...

Senate defeats Keystone XL pipeline

Senate defeats pipeline billThe Democrat-controlled Senate failed to gather the 60 votes it needed to approve the construction of...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!