IN THE SENATE OF THE UNITED STATES
November 5, 2009
Mr. Sanders introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To address the concept of
Too Big To Fail
with respect to certain financial entities.
This Act may be cited as
Too Big to Fail, Too Big to Exist
Report to Congress on institutions that are too big to fail
Notwithstanding any other provision of law,
not later than 90 days after the date of enactment of this Act, the Secretary
of the Treasury shall submit to Congress a list of all commercial banks,
investment banks, hedge funds, and insurance companies that the Secretary
believes are too big to fail (in this Act referred to as the
Too Big to
Breaking-up too big to fail institutions
Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, the Secretary of the Treasury shall break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.
For purposes of this Act, the term Too Big to Fail means any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial Government assistance.