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Friday, March 23, 2012

ABA's Keating on Fox Business’s Cavuto: No Bank Should Be Too Big To Fail

Large banks should be allowed to fail, not broken up, ABA President and CEO Frank Keating told Fox Business host Neil Cavuto in a Wednesday night interview. The interview was a response to Dallas Federal Reserve Bank President Richard Fisher’s call to dismantle large banks.

Keating, who noted that the United States has only five of the largest 50 banks in the world, said breaking up U.S banks would hurt the economy not save it.
Dodd Frank has a provision for bankruptcy, for winding down too big to fail. Let that work if it has to, but don’t bust up American banks and make us less competitive and send all those jobs to the big, international banks that right now are a lot bigger than most of ours anyway.

The reality is, everybody ought to know Uncle Sam’s not going to pick up the pieces. If you don’t run your bank well and if you fail, you’re on your own.
Watch the interview.

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