The US Senate voted down an amendment to break up the big banks, and in doing so chose Wall Street over Main Street. The amendment, which received bipartisan support, failed by a vote of 61-33. The Huffington Post reports:
- The amendment, sponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken down in size and capped so that their individual failure would not bring down the entire system.
Under Brown-Kaufman, no bank could hold more than 10 percent of the total amount of insured deposits, and a limit would have been placed on liabilities of a single bank to two percent of GDP.
In practice, the amendment required the six biggest banks — Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — to significantly scale down their size. It was touted as a way to end Too Big To Fail.
Find out how your senator voted here.
Unfortunately, it seems that our government is not willing to restrict the powers of the Too Big To Fail banks. It’s up to us to take matters into our own hands and move our money out of these big banks. If Congress won’t do it, we have to do it ourselves. Move your money now.
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