Too Big To Fail Banks Shrug Off Dodd-Frank Regulations

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In this campaign we’ve had two very different perspective on what should be done about the big banks. Bernie Sanders thinks that if the biggest banks are way bigger than they were during the crash, and they were too big to fail then, they might just be too big to fail now. And then there’s Hillary Clinton… Ana Kasparian and John Iadarola (ThinkTank), hosts of The Young Turks, break it down. Tell us what you think in the comment section below.

“The goal to end too big to fail and protect the American taxpayer by ending bailouts remains just that: only a goal,” Thomas M. Hoenig, the vice chairman of the F.D.I.C., said in a statement.

The regulators were responding to the so-called living wills that banks must submit to regulators on a regular basis to explain how the banks plan to enter bankruptcy in an orderly fashion in case of a crisis. The living wills are a requirement of the 2010 Dodd-Frank financial overhaul, intended to help make large financial institutions less of a threat to the wider economy.

The Fed and the F.D.I.C., which jointly oversee the largest banks, agreed that the plans put forward by five of the big banks, JPMorgan, Bank of America, Wells Fargo, State Street and Bank of New York Mellon, were “not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code.”

Read more here: http://www.nytimes.com/2016/04/14/business/dealbook/living-wills-of-5-banks-fail-to-pass-muster.html?_r=0

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