The crash of 2008 was the biggest financial crash since 1929 and directly caused the worst economy since the Great Depression of the 1930s. Those twin calamities are going to cost the US more than $12.8 trillion dollars. Preventing that from happening again depends on financial reform being strong, comprehensive and durable and that depends, in large measure, on the ability to tailor enhanced prudential standards on the handful of largest, riskiest, and most complex banking organizations, which pose the greatest threat to Americans’ savings, jobs and homes.

***

For the full memo click here.