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April 8, 2014

Press Statement: Three Cheers for Regulators Requiring More Capital from Wall Street’s Too-Big-To-Fail Banks

Dennis Kelleher, President and CEO of Better Markets, an independent nonprofit organization that promotes the public interest in the financial markets, made the following statement about banking regulators adopting a final rule increasing capital standards for the largest U.S. banks:

“Three cheers for the banking regulators who finalized a rule today to increase the capital requirements on the eight largest too-big-to-fail banks.  These megabanks pose the greatest threat to our financial system and economy.  They must be required to have enough capital to protect against another financial collapse and prevent more taxpayer-funded bailouts, which were required in 2008 because the banks did not have enough capital.  This rule is a critical step in making those megabanks more stable, less likely to fail and be able to absorb their own losses without inflicting economic wreckage on the entire country like they did last time.”

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