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Would Nevadans Benefit if DC Limits Size of Banks?

April 29, 2010

LAS VEGAS, Nev. - Senate Republicans dropped their filibuster efforts late Wednesday and allowed the debate on Wall Street reform to go forward. Some say the bill being debated does not go far enough because it places no limit on the size of banks.

Sam Zamarripa, co-founder of the nonprofit watchdog Stop Too Big to Fail, is among the ciritics, saying Nevada is a key state in the Wall Street debate because it is home to Senate Majority Leader Harry Reid. Much is at stake for families in Nevada and across the nation, he says, because federal reform could affect everything from credit card rates to consumer loans, to retirement savings.

"We would like to see Senator Reid reach out across the aisle and also reach into his own party; particularly with Senators Kaufman and Brown who've proposed a bill that caps the size of the large banks."

Republicans argue that passing reform legislation could actually end up guaranteeing more bank bailouts. Zamarripa counters that the reform bill needs to limit the size of banks, because he says that's the kind of measure that's required in order to give meaningful reform to individuals.

No sector of the economy deserves a special bailout, and he says that's especially true of banks, which have an incentive to takes risks if they know the government will bail them out.

"Let's just keep it simple; you have a home and that home has a very large tree; if for some reason that tree presents a threat to the safety of your household, you don't call a committee meeting to ensure the tree, you cut the tree down and plant another one."

President Obama gave Republicans credit for allowing the debate to go forward. The president says Wall Street reform is needed to prevent another economic meltdown in the nation. Stop Too Big to Fail is currently running TV spots in Nevada. More is available at www.stoptoobigtofail.com.

Mike Clifford, Public News Service - NV