ICBA backs bill to break op too-big-to-fail megabanks

ICBA expressed support for legislation that would take on the problem of too-big-to-fail financial firms.

The legislation, introduced by Sen. Bernie Sanders (I-Vt.) and Rep. Brad Sherman (D-Calif.), would require regulators to identify and break up institutions whose failure would cause a catastrophic effect without a taxpayer bailout. Additionally, these entities would be barred from accessing the taxpayer-funded safety net, including Federal Reserve programs and federal capital injections.

“ICBA agrees that the too-big-to-fail megabanks are too big to exist,” ICBA President and CEO Cam Fine said. 

Regulation; Bank recovery and resolution