S.2746 - Too Big to Fail, Too Big to Exist Act

A bill to address the concept of "Too Big To Fail" with respect to certain financial entities. view all titles (3)

All Bill Titles

  • Official: A bill to address the concept of "Too Big To Fail" with respect to certain financial entities. as introduced.
  • Popular: Too Big to Fail, Too Big to Exist Act as introduced.
  • Short: Too Big to Fail, Too Big to Exist Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
11/05/09
 
 
 
 
 
 
 

OpenCongress Summary

Would require the Treasury Secretary to develop a list of all "too big to fail" financial institutions within 90 days and, after one year, break them up. "Too big to fail" institutions are defined in the bill as an "entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial Government assistance."
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

Too Big to Fail, Too Big to Exist Act - Instructs the Secretary of the Treasury to: (1) submit to Congress, within 90 days after enactment of this Act, a list of all commercial banks, investment banks, hedge funds, and insurance companies that the Secretary believes are too big to fail (\"

Official Summary

Too Big to Fail, Too Big to Exist Act - Instructs the Secretary of the Treasury to:
(1) submit to Congress, within 90 days after enactment of this Act, a list of all commercial banks, investment banks, hedge funds, and insurance companies that the Secretary believes are too big to fail (\" Too Big To Fail List\"); and
(2) break up entities included on such list so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.

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