US Financial Crackdown Could Break Up Big Banks


[ … leaving only one standing ]

ELEANOR HALL: The United States Congress has put forward legislation that would overhaul the financial system and if necessary break up firms that pose a threat to the world’s biggest economy.

The proposed crackdown, which comes 18 months after the collapse of Lehman Brothers, targets banks regarded as too big to fail.

But already the plan has been criticised for not providing enough consumer protection and giving too much power to the US Federal Reserve.

[ like they don’t already have enough ]

“Here’s our business editor Peter Ryan.

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