Three years after Congress passed the Dodd-Frank Act, the country's biggest banks are bigger than ever, while the risk to the financial system has grown out of proportion, Senator Elizabeth Warren told an audience of reform advocates at a conference yesterday. Speaking at an event organized by the Roosevelt Institute and Americans for Financial Reform, Warren, a Massachusetts Democrat, said the financial reform law had failed to resolve the problem of big banks posing a risk to the financial system and that Congress needed to pass legislation that would prevent the banks from harming the financial system. Warren, who before her election to the Senate was a driving force for creating the Consumer Financial Protection Bureau, said the four biggest banks in the country are 30 percent larger than they were five years ago, while the five largest banks own more than half of the banking assets in the country. She said Congress needed to take action to deal with banks that are too-big-to-fail.
↧