From Democrats.com:
America’s four largest banks – Citibank, Bank of America, JPMorgan Chase, and WellsFargo – have assets of $7.4 trillion, equal to 52% of our entire GDP.
The collapse of any one would endanger the American economy, even the world economy. They are truly “too big to fail.” They also have too much economic and political power because of their enormous size.
Senators Sherrod Brown (D-OH) and Ted Kaufman (D-DE) introduced a bold bill – the SAFE Banking Act (S. 3241) – to break up the big Wall Street banks. This may be the biggest reform of Wall Street and corporate power in 80 years.
Since the public became aware of the recession, there has been a lot of understandable anger about corporate America’s power to both influence politics and continue to run our economy into the ground.
But, anger without action does little to change the situation. Angry about big banks that have become “too big to fail”? DO SOMETHING to help change it! Emailing your Senator encouraging them to support the SAFE Banking Act is a good place to start.
