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New Government Powers Won't Be Able To Dismantle Megabanks

Huffington Post

Too Big To Fail Lives Despite Reform Bill

The resolution authority proposal is "a bit of a red herring" when it comes to credible ways to end TBTF, said Heather McGhee, Washington director of Demos, a public policy organization. It won't work, she said.

She argues that megabanks need to shrink or be broken up, which is why she supports a reinstatement of the Glass-Steagall Act -- a Depression-era law that prohibited commercial banks from engaging in investment bank activities, and vice-versa -- and why she fought for a provision pushed by Democratic Senators Ted Kaufman of Delaware and Sherrod Brown of Ohio that would have dismantled the nation's biggest banks. The Senate voted it down.