Support Kanjorski's Break Up Authority Amendment

[Kaleva]

http://business.theatlantic.com/2009/11/kanjorskis_break_up_authority_amendment.php

"As the House Financial Services Committee marks up its financial stability regulation proposal, one amendment is getting a lot of attention. Rep. Paul Kanjorski (D-PA) has proposed (.pdf) to provide the plan's systemic risk council the authority to break up firms that pose too great a risk to the economy."

http://www.huffingtonpost.com/2009/11/18/too-big-to-fail-house-pro_n_362378.html

"A key House Democrat released on Wednesday his much-awaited proposal to end "too big to fail": Let the federal government break them apart.

Paul Kanjorski's amendment would give federal regulators the authority to force the country's biggest financial firms or those that pose the biggest risk to the financial system to sell assets or entire divisions."

This parallels Senator Sander's "Too Big To Fail - Too Big To Exist" effort in the Senate as discussed here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x7940

I'll be writing my congressman, Bart Stupak, later asking him to support Congressman Kanjorski's Amendment.

[Kaleva]

1. more info

http://kanjorski.house.gov/index.php?option=com_content&task=view&id=1668&Itemid=1

"11/18/09: Kanjorski Amendment to Address Companies That Are "Too Big to Fail" Passes in Financial Services Committee

'WASHINGTON - Today, the House Financial Services Committee passed an amendment offered by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, to the Financial Stability Improvement Act by a vote of 38-29. The Kanjorski amendment would empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire American economic system, even if those firms currently appear to be well-capitalized and healthy. Therefore, American taxpayers should no longer be on the hook for bailouts, as financial companies would not be able to become "too big to fail." The Kanjorski amendment outlines clear and objective standards for regulators to examine financial companies and reduce the level of risk their activities pose to our financial stability and our economy.' "