Dallas Fed Reserve CEO: Ending 'Too Big to Fail': A Proposal for Reform Before It's Too LateQuicklink submitted by Rob Kall Permalink
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|Tonight, I wish to speak to a different kind of repression--the injustice of being held hostage to large financial institutions considered 'too big to fail,' or TBTF for short. I submit that these institutions, as a result of their privileged status, exact an unfair tax upon the American people. Moreover, they interfere with the transmission of monetary policy and inhibit the advancement of our nation's economic prosperity. We contend that Dodd--Frank has not done enough to corral TBTF banks and that, on balance, the act has made things worse, not better. We submit that, in the short run, parts of Dodd--Frank have exacerbated weak economic growth by increasing regulatory uncertainty in key sectors of the U.S. economy. It has clearly benefited many lawyers and created new layers of bureaucracy. Despite its good intention, it has been counterproductive, working against...|
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