Clermont Sun: Ending taxpayer bailouts and supporting community banks

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Clermont Sun: Ending taxpayer bailouts and supporting community banks

By Sen. Sherrod Brown:

Many Ohioans would be shocked to find out that the same Wall Street megabanks which received bailouts from taxpayers five years ago, at the height of the financial crisis, continue to receive taxpayer-funded advantages today simply because of their “too big to fail” status.

And while these megabanks receive an implied federal guarantee provided by taxpayers at no charge, “too small to save” community banks in towns across Ohio have been allowed to fail. This taxpayer-supplied subsidy is wrong, and it puts community banks in Ohio, and across the nation, at a competitive disadvantage. Millions of families and small businesses depend on their community banks for their savings accounts, home mortgages, and business loans. Community banks help create countless jobs and provide safe and reliable financing options to Ohio’s families. They deserve a chance to compete on a level playing field.

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