Political Quotes

“Mr. President, 18 years ago, the 6 biggest U.S. banks had assets equal to 18 percent of the GDP. Today, those six banks' combined assets are about 63 percent of GDP, with an average of more than 5,000 legal entities operating in 57 different countries. Dodd-Frank requires large banks to produce an annual living will explaining the bank's plan for its own rapid and orderly resolution through the bankruptcy process in the event of material financial distress or failure. The Brown-Vitter amendment says that if banks cannot credibly explain how they can fail safely, then they are considered too big to fail and they need to have more capital or be restructured until they can go bankrupt without a government bailout. As Chairman Shelby told the Senate Banking Committee on Tuesday, if a bank is too big to fail, it is probably too big to exist. I ask support for the Brown-Vitter amendment. The PRESIDING OFFICER. The Senator from Wyoming.”