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Bullard Says Wall Street Banks Should Be Broken Up

Feb. 25, 2016 (EIRNS)—St. Louis Federal Reserve President William Bullard said the big U.S.-based banks should be broken up "like Ma Bell" (the erstwhile monopolistic Bell [Telephone] System in the U.S., broken up in 1982) into smaller and less complex banks.

In a CNBC-TV interview, Bullard echoed comments last week by Minneapolis Fed President Neel Kashkari, that the Dodd-Frank Act had done little to change the danger of too-big-too-fail banks.

"We’re writing all these laws, all these detailed things, about exactly what they are doing today without much thought about what they’re going to do tomorrow,"

he said.