Elizabeth Warren: 'Too Big To Fail' Mentality of Banks Dangerous

Image: Elizabeth Warren: 'Too Big To Fail' Mentality of Banks Dangerous

Wednesday, 13 Nov 2013 11:45 AM

By Clyde Hughes

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U.S. Sen. Elizabeth Warren said Tuesday that a handful of banks have grown to the "too big to fail" status that marked the country's financial crisis five years ago.

In remarks made to the Americans for Financial Reform and the Roosevelt Institute, Warren said stronger banking regulations are needed in a revised version of the Glass-Steagall Act. The act was a Depression-era statute that restricted the role of certain financial institutions.

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"The last thing we should do is wait for more crises," Warren said, according to CNN.

Warren said that five of the largest Wall Street banks control more than half the assets of the entire banking industry, according to the Washington Examiner. She said regulators are failing to implement the Dodd-Frank financial reform law properly, allowing 60 percent of the deadlines for Dodd-Frank rule-writing to be missed.

"How much longer should Congress wait for regulators to fix this problem?" Warren asked.

Warren told the audience, according to CNN, that the Dodd-Frank financial reform law did not go far enough in resolving the 2008 financial issues.

Warren said the new law she is proposing "would reduce failures of the big banks by making banking boring, protecting deposits and providing stability to the system even in bad times."

"It would reduce 'too big' by dismantling the behemoths, so that big banks would still be big – but not too big to fail or, for that matter, too big to manage, too big to regulate, too big for trial, or too big for jail," Warren said.

Warren has been mentioned as a possible Democratic presidential candidate along with former Secretary of State Hillary Clinton.

Warren won a seat in the Senate in 2012 against Scott Brown after she was denied a permanent appointment to lead the new Consumer Financial Protection Bureau by congressional Republicans and from within the Treasury Department.

Brown was elected to the Senate in a 2010 during a special election at the height of the health care reform debate following the death of Sen. Ted Kennedy.

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