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January 10, 2014

Brown, Others Stoke Fears of GAO Bias in 'Too Big to Fail' Report

Members of the Senate Banking Committee and others are raising concerns about the credibility of a pending watchdog report analyzing whether some banks are still “too big to fail,” suggesting some experts it relies on may be too closely tied to Wall Street.

The Government Accountability Office is due this spring to release the second of two reports examining the issue, with this one focused on providing an estimate of the implicit subsidies the biggest banks maintain from a market belief the government will rescue them.

While the report is highly anticipated, some are questioning its value ahead of the release, citing the influence some experts tied to the banking industry could have in determining how that analysis is conducted. It was an issue raised by Simon Johnson, a professor at the Massachusetts Institute of Technology, and echoed by Sen. Sherrod Brown, D-Ohio, during a Senate Banking Committee hearing on Wednesday.”

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Read full American Banker article here

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