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Too-Big-to-Fail Bill Pitched as Fix for Dodd-Frank’s Flaws

Sens. Brown and Vitter propose 15% capital requirement for megabanks.

By Cheyenne Hopkins, Bloomberg | Updated on April 25, 2013

“Too-big-to-fail” legislation unveiled yesterday in Washington is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.

The four largest banks — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co — “are nearly $2 trillion larger than they were” before getting U.S. aid to help them weather the 2008 credit crisis, Senator Sherrod Brown said in a news conference.

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