Support legislation "Terminating Bailouts" proposed by Sherrod Brown, Ohio Democrat and David Vitter, Louisiana Republican.
"It's a smart, simple, and tough piece of work that would protect taxpayers from costly rescues in the future" writes Gretchen Morgenson (NYT, 4/28/2013, Business section).
Why is this important?
This bill would create an entirely new, transparent and ungameable set of capital rules for the nation's banks. It requires banks to hold a significant amount of capital in a rainy day fund. In addition: 1) bankers won't be able to manipulate rating agencies; 2) off-balance sheet assets, derivatives and liabilities must be included in stating a bank's assets; 3) Megabanks will be forced to increase their capital or bring down their size. Help Brown & Vitter wage war on the financial machine (lobbyists) to move the bill forward.
