Sens. Brown, Vitter unveil legislation intended to end ‘too-big-to-fail’

Two Senators on opposite ends of the political spectrum released the details of a long-awaited bill they said would prevent any single financial institution from becoming so large that its failure could imperil the U.S economy or trigger the need for a government bailout. The bill would see the United States “walk away” from Basel III and would establish a minimum 15 percent capital requirement for megabanks. The bill also includes provisions intended to provide regulatory relief for community institutions. Read on for the details.