IN THE SENATE OF THE UNITED STATES
April 9, 2013
Mr. Sandersintroduced the following bill; which was read twice and referred to theCommittee on Banking, Housing, and Urban Affairs
To address the concept of
Too Big To Failwith 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, theSecretary
of the Treasuryshall submit toCongressa list of all commercial banks,
investment banks, hedge funds, and insurance companies that theSecretarybelieves are too big to fail, which shall include, but is not limited to, any
United States bank holding companies that have been identified as systemically
important banks by the Financial Stability Board (in this Act referred to as
Too Big to Fail List).
Breaking-up too big to fail institutions
Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, theSecretary of the Treasuryshall 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 termToo Big to Failmeans 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.