News Column

Brown and Vitter on Bloomberg say GAO Report Confirms Too Big To Fail Alive and Well

July 31, 2014



U.S. Sens. Sherrod Brown (D-OH) and David Vitter (R-LA) today discussed the results of a comprehensive study released by the Government Accountability Office (GAO) confirming that Wall Street megabanks have not only received more support from government bailout programs, but enjoy a taxpayer-funded advantage - over community and regional banks - that widens during times of economic crisis. Brown and Vitter requested the report in 2013.

Go to: http://www.vitter.senate.gov/newsroom/video-and-audio/view/vitter-brown-on-bloomberg-wall-street-megabanks-receive-taxpayer-funded-advantage to watch Brown and Vitter on Bloomberg.

Brown and Vitter are authors of the Terminating Bailouts for Taxpayer Fairness Act (TBTF Act), or Brown-Vitter. Their legislation would ensure that financial institutions have adequate capital to protect against losses. Specifically, the TBTF Act would:

* Set reasonable capital standards that would vary depending on the size and complexity of the institution;

* Limit the government safety net to traditional banking operations; and

* Provide regulatory relief for community banks. Provide regulatory relief for community banks.

Read this original document at: http://www.vitter.senate.gov/newsroom/press/icymi-brown-and-vitter-on-bloomberg-say-gao-report-confirms-too-big-to-fail-alive-and-well


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Source: Congressional Documents & Publications


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