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May 24, 2013

May 22, 2013 – House Financial Services Oversight Subcommittee hearing entitled "who is Too-Big-To-Fail: Are Large Financial Institutions Immune from Federal Prosecution?'

Acting Assistant Attorney General Mythili Raman was the sole witness for a hearing called to look into a statement recently made by Attorney General Holder to the effect that it would be difficult to prosecute a large and complex financial institution, particularly if is is found that criminal charges could have an impact on national and international economies.

Ms. Roman testified that the Attorney General had clarified his remarks in a statement made on AMy 15th in which he said no one and no institution is above the law.

Member questions from both Republicans and Democrats did little to identify more specificity to the decision process. Although size and complexity would not automatically warrant any form of immunity, it became clear that both factors would be carefully evaluated before the Justice Department would file criminal charges that might erode public confidence in a financial institution.

Congressional Activities

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