The Biggest Kiss: How Neither Political Party Wants to Break Up the Biggest Banks

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The Biggest Kiss: How Neither Political Party Wants to Break Up the Biggest Banks

The Biggest Kiss: How Neither Political Party Wants to Break Up the Biggest Banks

Can’t bite the hands that feeds ya, now can we? NOT!

HuffPO-

Neither Mitt Romney and the Republicans nor President Obama and many Democrats favor breaking up the big banks, the best way to prevent another taxpayer bailout after a financial crisis.

In last Wednesday’s presidential debate, Governor Romney said the Dodd-Frank Act is “the biggest kiss that’s been given to New York banks I’ve ever seen,” claiming the Act enshrines the idea of “systemically significant” institutions (SIFIs) as too-big-to-fail. Since then, Democrats have responded that Dodd-Frank empowered regulators to define and enforce higher capital and prudential standards for SIFIs, as wells as “living wills” and orderly liquidation authority to dismantle failing SIFIs, hardly a kiss those SIFIs enjoy. Yet in the Spring of 2010, other Democratic Senators, lead by Sherrod Brown (D-OH) and Ted Kaufman (D-DE), argued vociferously that we shouldn’t count on bank regulators (who had failed in the lead-up to the crisis) to use these Dodd bill provisions to end “too big to fail,” that the Republicans had no plan at all, and that the only way to prevent another financial crisis is to statutorily limit the size of (and leverage used by) the largest banks and non-banks.

[HUFFINGTON POST]

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