Bank of America Poses a Grave Threat to U.S. Financial Stability
Petition Calling on Federal Reserve and Financial Stability Oversight Committee to Break Up Bank of America
January 25, 2012 – Bank of America, the second-largest bank holding company in the U.S., should be broken up and reformed, Public Citizen said in a petition sent today to the Federal Reserve and the Financial Stability Oversight Council. Regulators should to use authority granted by section 121 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to reform Bank of America into a set of smaller, simpler and safer institutions. Bank of America, which holds assets equal to roughly one-seventh of the country’s gross domestic product, is too large and complex to manage or regulate properly, the petition said. Moreover, its financial condition is poor and could deteriorate rapidly.
- Read the Petition filed with the Fed and FSOC (PDF)
- Read a Separate Letter by Economists, Academics and Organizations, Calling on Regulators to Ensure Financial Stability (PDF)
- Read the Press Release
- Take Action: Tell Financial Regulators to Break Up Bank of America
- New York Times: Activists Call for Breakup of Bank of America
- Reuters: Public Citizen, Other Groups Call for U.S. to Break Up Bank of America
- Read more on Public Citizen’s blog, CitizenVox.org