A growing assembly of respected academics, economists and advocates is calling for the end of US banks deemed ‘too big to fail’ and have Bank of America squarely in their sights as public enemy number one.
The group is currently undergoing creation of a petition which will be ultimately handed to key regulators and the Federal Reserve Board this week, damning the untouchable status of Bank of America and demanding it be dissolved into small, more manageable pieces.
Collectively known as the Stability Oversight Council, the regulators and FRB do indeed have the power to authorize such action, should they deem it appropriate.
While it remains unclear as to how effective the petition will be, assuming it has any effect at all, it is nonetheless a robust criticism of the Fed and the regulators, who thus far have taken little to no action toward decreasing the size and power of banks the likes of BOA, following the recent financial crisis.
According to the petition, Bank of America poses a “grave threat” to financial stability across the US which simply cannot be denied or ignored. It argues that the bank is far too extensive, too powerful and is forever treading on dangerous ground that could have catastrophic effects on the nation at any given time.
Neither the FRB nor Bank of America have so far offered comment or reply to any questions regarding the petition.