A pair of Democratic and Republican lawmakers have joined forces to pressure the Federal Reserve to get tougher on Wall Street banks by requiring financial giants to maintain bigger capital cushions that can help protect them against losses.
In a letter to Federal Reserve Chairman Ben Bernanke, Sens. Sherrod Brown (D-Ohio) and David Vitter (R-La.) warned that a Federal Reserve proposal released in December on capital standards “misses a huge opportunity to address the too-big-to-fail issue.”
Source: Politico. Read full article. (link)