Tag: US government Oversight Committee (GAO)

• Friday, April 15th 2016 - 09:04 UTC

  US regulators reject “too big to fall” banks proposals in case of another major 'blackout'

  

  US regulators have rejected the plans of five big US banks for closing their operations in the event of a crisis. Banks labeled “too big to fail” must have a so called “living will” that would allow them to close down without the help of public money. Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street and Wells Fargo have until 1 October to submit improved plans.