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April 23, 2013

Brown, Vitter Signal Changes to 'Too Big to Fail' Bill

The “odd couple” tandem of Sen. Sherrod Brown, D-Ohio, and Republican Sen. David Vitter, R-La., previewed their much-anticipated legislative draft on eliminating “too big to fail” Tuesday, and hinted at some likely changes to the bill from an earlier version.

The two lawmakers opened a Washington forum – hosted by American Banker and Federal Financial Analytics – on congressional efforts to limit systemic dangers, one day before the senators are expected to officially unveil their bill.

Vitter said the motivation of the two Senate Banking Committee members, who otherwise come from different sides of the political spectrum, is simple: the Dodd-Frank Act did not do enough to prevent a financial giant from hurting the broader economy. He noted several flash points since the crisis, including the “London Whale” trading debacle at JPMorgan Chase, that illustrated the need for more industry requirements.”


Read full American Banker article here (subscription required)

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