Already, the biggest banks in the U.S. are huge. The largest 0.2 percent of institutions — just 12 mega-banks — control 69 percent of total bank assets. The 20 biggest banks hold assets equal to 84.5 percent of the nation’s entire economic output.
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As Demos noted in a recent report, the financial sector sucks $635 billion out of the economy every year that could otherwise go to more productive uses, while creating behemoths that put the entire economy at risk. “These banks are not just too big to fail, they’re too big to manage,” said Sen. Sherrod Brown (D-OH). “I think these banks will be stronger and healthier and probably more profitable if they’re smaller.”
