Chair Outlines Agenda for Real Financial Reform

WASHINGTON--(BUSINESS WIRE)-- Sam Zamarripa, Chair of Stop Too Big to Fail (STBTF) today announced a third series of TV advertisements to air in the Washington, D.C. cable media market calling for better financial reform and outlined solutions for the current legislation.

Quoting big bank CEOs Lloyd Blankfein of Goldman Sachs and Vikram Pandit of Citibank, the Stop Too Big To Fail TV ad highlights the financial regulation legislation’s problems and cites the big banks’ support for this current legislation:

“The CEO of Goldman Sachs, a bank under investigation by Congress says, quote, ‘…the biggest beneficiary of reform is Wall Street itself,’” the voiceover in the ad says, “And after receiving billions in taxpayer bailouts Citigroup’s CEO says, quote, ‘You can count on [Citigroup] to support’ these efforts.”

Stop Too Big To Fail Chair Sam Zamarripa says, “Of course the executives of big banks would support an effort that allows for unlimited executive bailout authority. But it is Congress who should draw the line and show leadership as representatives for the people and the principles that really matter for the common good.”

“As I argued in a Roll Call op-ed recently, this is teachable moment in the history of financial reform,” said the former State Senator from Georgia. “Congress should refine the debate, end unlimited bailouts and ensure big banks are not Too Big To Fail.”

Zamarripa offers five suggestions for resolving the problems with the current legislation:

• Impose limits on leverage and increase margin requirements for financial institutions;
• Break up TBTF banks and institutions – quit bailing them out with taxpayer money;
• Force Derivatives to be traded in the open, through a regulated market exchange; no “special designation” for some derivatives – make it all transparent;
• Hold Directors of TBTF institutions responsible for a bank’s failure, not the taxpayers;
• Reject new bailout funds – especially ones that will be financed on the backs of other investors.

Stop Too Big to Fail is a project of the Consumers for Competitive Choice (C4CC), a diverse national coalition of Americans who support a strong, vibrant and consumer-focused economy that is united in the belief that our country’s greatest strength is its ability to dream, build, innovate and compete. To learn more, please visit www.stoptoobigtofail.com. For more information, please contact media@stoptobigtofail.com or 1-866-285-6216.

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CONTACT:

Stop Too Big to Fail (STBTF)
1-866-285-6216
media@stoptobigtofail.com

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