Huffington Post: ‘Break Up The Banks’ Bill Gains Steam In Senate As Wall Street Lobbyists Cry Foul

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Huffington Post: ‘Break Up The Banks’ Bill Gains Steam In Senate As Wall Street Lobbyists Cry Foul

The Brown-Vitter bill is, in fact, designed to put banks in a difficult position. As Brown told HuffPost in February, he hopes to move legislation this year to¬†break up big banks; Vitter echoed Brown’s comments on the Senate floor. By crafting a bill that requires banks with more than $400 billion in assets to hold at least 15 percent of those assets in hard capital, the senators hope to encourage the handful of multitrillion-dollar behemoths to split up into smaller firms.

Brown has been pursuing this line of attack for years, pushing a ‘break up the banks’ bill during the 2010 debate over the Dodd-Frank financial reform bill. Wall Street endured the heat, however, and emerged from the fracas without having to downsize.

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