Friday, 17 February 2012

Petition to Financial Regulators : Too Big to Fail = Too Big to Exist

http://action.citizen.org/p/dia/action/public/?action_KEY=9386 
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Sign the Petition to Break Up Bank of America

There’s no way around it. In its current form, Bank of America poses a grave threat to our economy. It is massive, complex and unstable – too big to manage and too big to regulate. Its assets are equal to roughly one-seventh of the U.S. gross domestic product.

If Bank of America goes down, a sizable chunk of our economy will go down with it.

The Dodd-Frank Wall Street Reform and Consumer Protection Act gives federal financial regulators the authority to break up dangerous “too big to fail” banks into smaller, simpler and safer institutions — institutions that won’t tank our economy if they go bust.

More than $1 trillion in federal assistance has already gone toward propping up this sprawling behemoth. It’s time to stop propping up and start breaking up.

Petition to Financial Regulators:

We, the undersigned, call on the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to break up Bank of America. Under section 121 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, you have the authority to break up “too big to fail” banks into smaller, simpler and safer institutions.

If Bank of America in its current form were to fail, it would devastate the U.S. economy. You must act preemptively to make sure that never happens. We cannot wait and find out whether another financial crisis strikes. If that happens, it will be too late to act....'


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