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Killing off community banks: Intended consequence of Dodd-Frank?
At over 2,300 pages, the Dodd Frank Act is the longest and most complicated bill ever passed by the US legislature. It was supposed to end “too big to fail” and “bailouts,” and to “promote financial stability.” But Dodd-Frank’s “orderly liquidation authority” has replaced bailouts with bail-ins, meaning that in the event of insolvency, big banks are to recapitalize themselves with the savings of their creditors and depositors. The banks deemed too big are more than 30% bigger than before the act was passed in 2010, and 80% bigger than before the banking crisis of 2008. The six largest US financial institutions now have assets of some $10 trillion, amounting to almost 60% of GDP; and they control nearly 50% of all bank deposits. Continue reading → Bev Conover Editor & Publisher Intrepid Report https://www.intrepidreport.com https://www.facebook.com/intrepidreport http://twitter.com/#!/Intrepid_Report [email protected]
Source: http://www.intrepidreport.com/archives/16646
