June 16, 2016
MEDIA INVITATION: Too Big to Fail: New Public Citizen Book Outlines How to Tackle Banks That Are Too Big to Regulate
Sen. Jeff Merkley to Keynote Event Next Week
WHAT: Release of a new Public Citizen book, “Too Big; The Mega-Banks Are Too Big to Fail, Too Big to Jail, and Too Big to Manage,” by financial policy advocate Bartlett Naylor. U.S. Sen. Jeff Merkley (D-Ore.) will keynote the event.
Not only did Americans suffer from the 2008 financial crisis, but they financed bailouts of banks responsible for the crash on the theory that permitting any to fail would cause a cascade of bankruptcies and inflict cataclysmic damage to the economy. Yet today, the largest banks are even bigger than ever. As new financial catastrophes are near-daily events, the problem of too-big-to-fail banks makes clear the moral hazard of size.
The mega-banks are too big to fail, too big to jail, too big to manage and too big to regulate. Panelists will discuss each facet of the “too big” problem as well as solutions.
WHO: U.S. Sen. Jeff Merkley (D-Ore.), who helped lead the fight for the Volcker rule, which was designed to create a firewall between traditional banking and hedge fund style gambling
Simon Johnson, MIT Sloan School of Management professor, author of “13 Bankers: The Wall Street Takeover and the Next Financial Meltdown”
Brad Miller, former U.S. representative from North Carolina and House sponsor of the Consumer Financial Protection Act
Rena Steinzor, University of Maryland professor, author of “Why Not Jail? Industrial Catastrophes, Corporate Malfeasance, and Government Inaction”
Marcus Stanley, policy director, Americans for Financial Reform
WHEN: 9-10:30 a.m. EDT, Wednesday, June 22
WHERE: Zenger Room, National Press Club, 529 14th St., NW, Washington, D.C.