Washington, DC (November 14, 2012) – Better Markets, Inc. today sent a letter to the Senate Banking Committee urging that community banks be treated differently than Wall Street’s too big to fail banks.
“Strengthening capital requirements will make individual banks less likely to fail and will reduce the risk of another systemic financial crisis. These requirements need to be put in place as soon as practicable. Any delay in implementation should under no circumstances be applied to all banks regardless of size, risk or circumstances. If concerns expressed by community banks merit a delay or possibly a revision to the rules or their application — and Better Markets believes that they do — then community banks and community banks alone should be granted such a delay,” said Dennis Kelleher, President and CEO of Better Markets, in the letter.
“Wall Street’s too big to fail banks pose unique, grave and proven threats to our financial system and economy and should not be treated the same as community banks. Banks with $10 billion in assets or less comprise about 98% of all banks. Those are community banks. Wall Street’s too big to fail banks are not and must not be allowed to exploit and hide behind community banks’ concerns regarding the proposed capital rules and avoid regulation essential to protecting the American people from another financial collapse,” said Mr. Kelleher.
View letter here
About Better Markets
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts.