By Peter Schroeder - 03/06/13 07:00 PM EST
The Justice Department is required to consider the economic impact of its actions, but Holder's comments should bolster an increasingly vocal group of lawmakers that argue the nation's biggest banks have gotten too large and need to be curbed.
Sens. Chuck GrassleyChuck GrassleyTop senators want details on probe of DNC breach Top Dem Senate hopefuls to skip convention Election to shape Supreme Court MORE (R-Iowa) and Sherrod BrownSherrod BrownPortman secures another union endorsement over Democratic challenger in Ohio Sanders aide dismisses challenging Kaine VP spot Union group backs GOP Sen. Portman in Ohio race MORE (D-Ohio) pressed Holder on the issue in a letter sent in February, airing their disappointment that no major criminal charges had been filed against banks or their employees in the wake of the financial crisis. And Sen. Elizabeth WarrenElizabeth WarrenThe Hill's 12:30 Report Hillary Clinton needs to start embracing progressives The Trail 2016: One large crack in the glass ceiling MORE (D-Mass.) drew headlines when she blasted financial regulators during a separate hearing for failing to bring any major financial institutions to trial since the meltdown.
Grassley pressed Holder again on the issue during testimony Wednesday, at which point Holder said he essentially agreed.
"The concern that you have raised is one that I, frankly, share," he said, adding that ultimately the best deterrent would be if they could bring charges against individuals instead of companies.
However, he also added that all of the bad behavior on Wall Street leading up to the crisis may not necessarily have been criminal and that his criminal team has been "as aggressive as they could be."
Holder touted the Justice Department's efforts on financial fraud, specifically noting the government's civil suit against the credit rating agency Standard & Poor's, in which the government is seeking at least $5 billion in damages. The rater has said the lawsuit is without merit and is challenging it.