Oct. 3, 2018
Public Citizen Welcomes Sanders Bill to Break Up the Megabanks
Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division
Note: Exactly 10 years after Congress approved the Wall Street bailout, today U.S. Sen. Bernie Sanders (I-Vt.) introduced legislation to break up the megabanks by capping them at 3 percent of Gross Domestic Product, currently $580 billion.
Ten years after American taxpayers bailed out the largest banks, we’re even more vulnerable to the failure of these behemoths. Wall Street bankers responded to the last crash by making the problem worse, merging one giant bank with another. The 2010 Dodd-Frank Wall Street Reform Act provided regulators with the tools to break them up, but our current regulators are taking the opposite tack – working hand in glove with Wall Street to boost their bottom lines. We welcome Sanders’ bill as an important vehicle to return sanity to the financial sector and overall economy.