‘Too Big to Exist’: Sanders Introduces Bill to Break Up Big Banks | Common Dreams | Breaking News & Views for the Progressive Community.
Under the proposal, called the Too Big to Fail, Too Big to Exist Act, regulators on the Financial Stability Oversight Council would compile a list of institutions which say they are so large that their collapse could trigger an economic crisis—otherwise known as “too big to fail.”
The Treasury Secretary would then have a year from the bill’s passing to break them up.
“If an institution is too big to fail, it is too big to exist,” Sanders said Tuesday. “No single financial institution should have holdings so extensive that its failure could send the world economy into crisis.”
Sure, this bill stands a snowball’s chance in hell of passing, but when it comes time for your Senator to beg for your vote, just be sure to remember who he or she supported, you or the banks that line their pockets.