Is bank charter arbitrage a problem? A novel laureate economist wants the government to pass a law that he has dubbed the Goldman Sachs Amendment, which would force banks "to choose whether they want to be regulated banks, with all the government protections and restrictions, or unregulated investment banks, allowed to trade as they wish without a safety net," according to the New York Times.

On implication: if they give up their bank charters and thus a lot of implicit back-stopping and support they would never be able to seek government assistance again. The idea is that banks in theory could switch back and forth to gain protection when needed. Goldman Sachs (NYSE: GS) would surely respond that it did not need aid and was forced to take it. It might even take issue with the idea that it would've gone under were it not for the switch. I doubt we'll see something like this pass. But we will get a financial reform law someday. 

For more:
- here's the article

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