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Big Banks Need Regulating !America's four largest banks - Citibank, Bank of America, JPMorgan Chase, and WellsFargo - have assets of $7.4 trillion, equal to 52% of our entire GDP.The collapse of any one would endanger the American economy, even the world economy. They are truly "too big to fail." They also have too much economic and political power because of their enormous size. Tell Congress: Break Up the Big Banks Now http://www.democrats.com/break-up-the-banks-now
Senators Sherrod Brown (D-OH) and Ted Kaufman (D-DE) introduced a bold bill - the SAFE Banking Act (S. 3241) - to break up the big Wall Street banks. This may be the biggest reform of Wall Street and corporate power in 80 years.
According to the New York Times, "The [SAFE Banking Act] would reinforce a 1994 law that bars any single bank from holding more than 10% of the nation’s total deposits, or about $750 billion. In the years since then, large firms have obtained waivers or used loopholes in the law to exceed that ceiling." It would also limit total bank borrowing to 2% of GDP.
Tell Congress: Break Up the Big Banks Now : http://www.democrats.com/break-up-the-banks-now The bill has broad progressive support, including Dean Baker of the Center for Economic and Policy Research, Chris Hayes of The Nation, Prof. Lawrence Lessig, Heather Booth of Americans for Financial Reform, Adam Quinn of Credo, David Arkush of Public Citizen, and Jan Frel of Alternet. In addition, three Federal Reserve bank presidents – James Bullard, president and chief executive of the Federal Reserve Bank of St. Louis’ Kansas City Fed President Thomas M. Hoenig, and Dallas Fed President Richard W. Fisher – all support breaking up too-big-to-fail banks.
Tell Congress: Break Up the Big Banks Now http://www.democrats.com/break-up-the-banks-now
Senators Sherrod Brown (D-OH) and Ted Kaufman (D-DE) introduced a bold bill - the SAFE Banking Act (S. 3241) - to break up the big Wall Street banks. This may be the biggest reform of Wall Street and corporate power in 80 years.
According to the New York Times, "The [SAFE Banking Act] would reinforce a 1994 law that bars any single bank from holding more than 10% of the nation’s total deposits, or about $750 billion. In the years since then, large firms have obtained waivers or used loopholes in the law to exceed that ceiling." It would also limit total bank borrowing to 2% of GDP.
Tell Congress: Break Up the Big Banks Now : http://www.democrats.com/break-up-the-banks-now The bill has broad progressive support, including Dean Baker of the Center for Economic and Policy Research, Chris Hayes of The Nation, Prof. Lawrence Lessig, Heather Booth of Americans for Financial Reform, Adam Quinn of Credo, David Arkush of Public Citizen, and Jan Frel of Alternet. In addition, three Federal Reserve bank presidents – James Bullard, president and chief executive of the Federal Reserve Bank of St. Louis’ Kansas City Fed President Thomas M. Hoenig, and Dallas Fed President Richard W. Fisher – all support breaking up too-big-to-fail banks.
Tell Congress: Break Up the Big Banks Now http://www.democrats.com/break-up-the-banks-now
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