The Too Big to Fail, Too Big to Exist Act of 2009

James Kwak writes about The Too Big to Fail, Too Big to Exist Act of 2009. Sen Bernie Sanders (I-VT) wrote a very short bill that says the Secretary of the Treasury will submit a list of financial institutions deemed too big to fail, and within a year must break them up any way seen fit.

"The administration’s own proposal requires the government to identify financial institutions that are “too [insert whatever adjective you want here] to fail” — the administration just calls them “Tier 1 Financial Holding Companies.” The Fed has called them “systemically important financial institutions.” Sanders basically says, you were making the list anyway, so you can’t use that as an excuse."

Sanders has a petition here.

A little more here.