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Legislation Would Impose Size Caps on Banks

Posted on 5/14/2012

Reps. Brad Miller (D-N.C.) and Keith Ellison (D-Minn.) last week introduced a bill that would prevent a single bank from holding more than 10 percent of the nation's banking deposits, or more than 10 percent of the banking system's liabilities.

The legislation also would limit a bank's nondeposit liabilities to $1.3 trillion or 2 percent of the nation's gross domestic product. Sen. Sherrod Brown (D-Ohio) introduced an identical bill in the Senate.

"The gigantic size of megabanks, and the perception in the marketplace that they are too big for the government ever to permit to fail, gives them an unfair competitive advantage over smaller financial institutions that distorts the market and discourages competition." Miller said in a press release.

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