Friday, May 7, 2010

Senate declines to stop "too big to fail"

Huffington Post: A move to break up major Wall Street banks failed Thursday night by a vote of 61 to 33. ...

The amendment, sponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken down in size and capped so that their individual failure would not bring down the entire system.

Under Brown-Kaufman, no bank could hold more than 10 percent of the total amount of insured deposits, and a limit would have been placed on liabilities of a single bank to two percent of GDP.

Read the full article here and see the roll call vote here. (Both Senator Cardin and Senator Mikulski voted in favor of the amendment.)

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