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Senators Kaufman, Casey, Merkley, Whitehouse and Harkin (along with others who may pile on) have introduced a 20-page amendment to actually address "too big to fail."Here's the bill
It is refreshingly simple legislation - 20 pages of common sense.
It limits firm size to 2% of GDP including off-balance sheet vehicles for banks, 3% for non-banks, and forces divestiture of overages. It also requires reporting and testimony before Congress if regulators fail to promptly address violations.
In addition it places a hard cap of 10% of deposits in any one institution (a limit that already exists by the way, but has been wantonly violated by The Fed allowing mergers during the crisis that breached the limits - and yet there has been no requirement to divest.)
This would place a balance-sheet limit of about $280 billion on a bank.
This would put an instantaneous full-stop to the outrageous obscenity called "Wells Fargo", which has $1.7 trillion in off-balance sheet "assets", not to mention the other "big banks" that have hundreds of billions off sheet as well.
We now get to find out who is really for Wall Street reform - and who needs to lose their seat in The Senate.
Originally posted by Chevalerous
reply to post by marg6043
You guys in the U.S first need a reform and regulation against the pesky corporated lobbyists.
Then you can reform both the finance system and the health care system to what you the people would like to have.
You have to take these Corporated lobbyists out of the equation first!
How do you get rid of them?
Originally posted by kozmo
As far as geting rid of them??? I have my ideas on how that could/should happen!