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Public Statements

Concurrent Resolution on the Budget for Fiscal Year 2014

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. VITTER. Mr. President, there have been at least three independent studies now recently that underscore that too-big-to-fail is still alive and well, and that too-big-to-fail policies give Wall Street megabanks a subsidy in comparison to their competitors--an unfair advantage, creating an uneven playing field. And not coincidentally, that is why these megabanks dominate the market--the biggest market share ever in history.

This amendment is very simple. It says we should do away with the Federal policies that create that subsidy, the uneven playing field. It doesn't say we forcibly break up the banks, it doesn't say we tax them, it just says that.

I yield the remainder of my time to Senator Brown of Ohio.

Mr. BROWN. Mr. President, we ask support for the Vitter-Brown-Corker-Pryor amendment. The community banks of America support it because they know the playing field isn't level.

One real quick statistic. Eighteen years ago, the six biggest U.S. banks had assets equal to 18 percent of GDP. Today it is 65 percent of GDP.

I ask for your support of the amendment.

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Mr. VITTER. Mr. President, this amendment would require photo IDs to participate in Federal elections, which is allowed now by States. However, the Justice Department is trying to virtually shut down this practice unreasonably by opposing it in many States. This would be a clarification to mandate the Federal IDs, just as we do in many other less consequential acts such as air travel.

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