OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Vitter Statement on "Too Big To Fail' Bank Fraud

Press Release

Date: Sept. 9, 2016
Location: Washington, DC
Issues: Business and Consumers Finance and Banking

Today, U.S. Senator David Vitter (R-La.), a member of the Senate Banking Committee, issued the following statement on news reports of Wells Fargo Bank employees who set up thousands of fake bank accounts, which impacted certain existing customers with overdraft fees and other charges.

"Dodd-Frank memorialized "Too Big To Fail' allowing the Wall Street megabanks to grow without much accountability and clear bailout assurance. At the same, Dodd-Frank is squeezing out the community banks who keep the country's financial system healthy and trustworthy," said Vitter. "This fraud highlights the need to reform Dodd-Frank, which is clearly propping up the "Too Big to Fail' megabanks at the expense of community banks."

Vitter has led efforts with Sen. Sherrod Brown (D-Ohio) to end "Too Big to Fail" by requiring megabanks to hold enough capital to prevent against future financial risks in which they would ask for another taxpayer funded bailout.


Source
arrow_upward