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“Too Big to Fail’ Benefits Face Congressional Scrutiny

GAO to study how biggest banks benefit from perception government would bail them out.

By Cheyenne Hopkins, Bloomberg | Updated on January 03, 2013

U.S. banks’ benefits from being “too big to fail” will be examined by congressional watchdogs in response to a bipartisan request from senators who say the government hasn’t done enough to prevent future bailouts.

The Government Accountability Office said today that it plans to study the “economic benefit” banks such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. in response to a request from Senators David Vitter, a Louisiana Republican, and Sherrod Brown, an Ohio Democrat.

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