TV News LIES

Friday, Aug 22nd

Last update05:16:56 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...


UK ambassador 'lobbied senators to hide Diego Garcia role in rendition'

Rendition siteLogs released under the Freedom of Information Act have reinforced claims that the UK lobbied to...

Senate passes funding for Israel's Iron Dome

Iron Dome Senate Majority Leader Harry Reid (D-Nev.) got unanimous consent in the Senate Friday for legislation to...

A Few Bold Members Of Congress Join Fight Against Long-Standing Anti-Abortion Policy

Barbara LeeLawmakers who support abortion rights have long fought against policies that restrict women's access to the...

CIA improperly accessed Senate computers, agency finds

diane feinsteinCIA employees improperly accessed computers used by the Senate Intelligence Committee to compile a report on...
 
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!