Bloomberg Government’s Cady North uncovers that the biggest banks are even bigger post financial collapse, TARP, and implementation of Dodd-Frank law.
According to data compiled by Bloomberg Government, “the largest banks have grown larger since the financial crisis, and the number of ‘too big to fail banks’ will increase by 40 percent over the next 15 years.”
Today, the top 10 banks hold 77 percent of all U.S. bank assets, compared with 55 percent of the total assets in 2002.
Furthermore, the Bloomberg Government study (subscription required) reports that assuming current growth in the financial sector, each year more banks will be designated as risky under the Dodd-Frank law. As of December 2010, there were 35 banks with $50 billion or more in total assets; that number could increase to 48 within 15 years.
Cady North has over nine years experience in legislative affairs and public policy at both the state and federal level. Prior to joining the BGOV finance team she was the Senior Manager of Government Affairs for Financial Executives International (FEI), a trade association for CFO’s, Treasurers, and Controllers of Fortune 500 companies. There, she led advocacy efforts on a variety of corporate finance issues including FEI’s outreach to Congress on the Dodd-Frank Act. Cady can be reached at firstname.lastname@example.org.