The five biggest banks in the United States are too powerful and should be broken up, Dallas Fed President Richard Fisher said on Wednesday according to CNBC. The financial crisis has left the five biggest banks even more powerful than before, he told an event in Mexico City.
"After the crisis, the five largest banks had a higher concentration of deposits than they did before the crisis," he said. "I am of the belief personally that the power of the five largest banks is too concentrated."
The U.S. Dodd-Frank reform and consumer protection act includes mechanisms for regulators to break up large financial companies, but imposes high hurdles for such action…
Read all about it at http://www.cnbc.com/id/46574251
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