Sherrod Brown along with Conservative David Vitter vow to bring forth legislation to end “too big to fail”

Well, while we were all being distracted by the inane antics of Bob Woodward, and the very sad sequester “talks,” there was some very good news to report. Sherrod Brown took to the floor of the Senate to announce that he will bring forth legislation to end “too big to fail.” He was joined by David Vitter, a conservative from Louisiana. RawStory reports Brown as saying…

”Today, our economy is being threatened by multi-trillion dollar financial institutions,”

”Wall Street megabanks that are so large that, should they fail, they would take the rest of the economy with them. Instead of failure, however, taxpayers are likely to be asked to cover their losses, to bail them out as we did five years ago.”

“This is a disastrous outcome because it transfers wealth from the rest of the economy into these megabanks and it suspends the rules of capitalism, perpetuating the moral hazard that comes from saving risk-takers from the consequences of their behavior,”

Vitter added…

”I don’t know if we quite define the political spectrum of the United States Senate, but we come pretty darned close,”

“And yet, we absolutely agree about this threat.”


It’s good to hear there are at least a couple of people in Congress who really understand what’s threatening our country and are trying to do something about it.

The complete article from RawStory can be found here:

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