At least one Fed governor is now on record as supporting breaking up the banks.
According to Reuters, Richard Fisher, chairman of the Dallas Federal Reserve, told an audience in Mexico that the power of the five biggest banks has grown too concentrated.
They “should be broken up,” Reuters quotes him as saying.
The Dodd-Frank financial reform legislation was designed to address too-big-to-fail institutions, but in the meantime, the banks had become “too ‘bigger’ to fail than before,” Fisher reportedly said.
Fisher also said U.S. consumption was improving, and endorsed the Fed’s decision to set a 2% inflation target.
Fisher is not currently a voting member of the Federal Open Market Committee
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