To: The United States House of Representatives and The United States Senate
ACTION: It's time to end Too Big To Fail
Give Wall Street megabanks a choice: Carry enough capital to cover your own losses, or downsize until you're no longer a threat to American taxpayers.
Why is this important?
Big Wall Street megabanks are still putting American taxpayers at risk.
Big banking institutions like Bank of America and Citibank carry more assets than they have capital to cover. That means that if those assets go south, the banks can't recover on their own. And when a bank's failure means the failure of the American economy, the taxpayers are forced to step in.
It's called "Too Big To Fail." It should also be called "too risky for the American economy" and "too reckless to continue."
This is the practice that brought our economy to the brink once before. That's why I have a new, bipartisan plan to end Too Big To Fail, and break up Wall Street megabanks for good. It would require that banks carry enough capital to cover their own losses, or force them to downsize so that they are no longer a risk to the American economy.
This is a common sense solution -- but I need all of us to help. So sign your name today, and make sure members of Congress know that you're in favor of the ending "Too Big to Fail."