By Ralph Brauer (Contact)
To be delivered to: The United States House of Representatives, The United States Senate, and President Barack Obama
Section 101, Part 2 of The Riegle-Neal Act of 1994 states no bank merger or acquisition or new branch bank may be approved if a bank "would control, more than 10 percent of the total amount of deposits of insured depository instituions in the United States." Three banks have been in violation of this since the Bush Administration. Wells Fargo, J.P. Morgan and Bank of America--control close to 40% of the money in this country. The top five banks control 96% of the derivatives market. According to the New York Times the six largest banks now have assets amounting to 63 percent of GDP.
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