Bloomberg Businessweek: Senate’s Brown Sees Growing Support for Higher U.S. Bank Capital

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Bloomberg Businessweek: Senate’s Brown Sees Growing Support for Higher U.S. Bank Capital

U.S. Senator Sherrod Brown said he and Senator David Vitter are working on a bipartisan bill to force big banks to set aside even more capital than currently required to assure they won’t need government bailouts.

The Ohio Democrat and Louisiana Republican have been working in tandem to keep the biggest banks — such as JPMorgan Chase & Co. (JPM) and Bank of America Corp. (BAC), whose assets exceed $2 trillion each — from benefitting from the perception that they’re too big to fail.

“In the largest Wall Street banks, neither the quantity nor the quality of their capital is good enough, is adequate enough to protect the public against too big to fail,” Brown said in an interview with Bloomberg Television’s Peter Cook for “Capitol Gains” airing March 10. “We’ve seen people across the board of the ideological spectrum who realize that this is a serious problem.”

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