Tuesday, Mar 20th

Last update05:20:13 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.


Most Recent Related Stories...

Graham calls for hearing on McCabe firing

Graham calls for hearing on McCabe firing Sen. Lindsey Graham on Sunday said the Senate Judiciary Committee should hold a hearing on Attorney...

Rep. Louise Slaughter Dies at 88: A "Giant" and Trailblaizer for Women

Louise Slaughter dies at 88 Rep. Louise Slaughter, a Democrat who represented the Rochester area in Congress since 1987, died Friday...

Durbin blasts Trump for ‘desperate and reckless conduct’

Dick Durbin blasts Trump President Donald Trump is “engaged in desperate and reckless conduct” against the law enforcement entities investigating...

House Dems blast GOP, point to 'significant evidence' of Russian collusion

Adam Schiff, House Intel issues counter reportDemocrats on the House Intelligence Committee say the majority prematurely closed the panel’s investigation into Russian...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!