In the wake of the Financial Recession, there was widespread recognition that the wealth gap between the rich and poor was even further exacerbated.
In fact, the four biggest banks are 30 percent larger today than they were five years ago. One study earlier this year showed that their “too big to fail’’ status enables the 10 biggest US banks to receive an annual taxpayer subsidy of $83 billion.
Many say Congress should wait to act further because the agencies still have to issue many of the rules required by Dodd-Frank. It is true many rules are not yet written, but that’s because the agencies have missed more than 60 percent of Dodd-Frank’s rule-making deadlines.
When Congress sets deadlines and regulators miss most of them, action must be take, and we the people call you to do so.