Bank-breakup legislation is wrong idea, Talbott says

04/10/2013 | Los Angeles Times (tiered subscription model)

Sen. Bernie Sanders, I-Vt., and Rep. Brad Sherman, D-Calif., are pushing legislation called the "Too Big to Fail, Too Big to Exist Act," which would require the Treasury Department to break up any company, including banks, that it determines would pose a threat to the economy in the event of failure. Scott Talbott, senior vice president for public policy at The Financial Services Roundtable, disagrees with the concept. "If a bank is going to fail, it should be allowed to fail," he said. "We don't think the government should bail out a failing bank."

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