Amendment to break up big banks fails in Senate

During a conference call earlier today, Kaufman and co-sponsor Sen. Sherrod BrownSherrod BrownOvernight Finance: Trump moves to begin NAFTA talks | Dems press Treasury chief on taxes, Dodd-Frank | Biz leaders want tax changes to be permanent Mnuchin mum as Dems press for answers on tax reform, Dodd-Frank Sherrod Brown looks to defy Trump trend in Ohio MORE (D-Ohio) said the size of banks needed closer examination despite arguments by the Obama administration that the size of financial institutions isn't the biggest problem. 

Brown and Kaufman diligently hawked their idea, getting support from more than 250 consumer, investor, community, among other groups supporting the amendment. 

As last as this afternoon, the White House wouldn't commit its support. 

Still, Kaufman was upbeat despite the amendment's defeat. 

"I believe this idea was sound policy -- and I further believe that a mainstream consensus will continue to grow that these megabanks are too large, to complex and too internally conflicted to regulate successfully," he said. 

The amendment would have imposed a strict 10 percent cap on any bank-holding company's share of the United States' total insured deposits, limited the size of non-deposit liabilities at financial institutions to 2 percent of gross domestic product for banks and 3 percent of GDP for non-bank institutions, set a 6 percent leverage limit for banking holding companies and select nonbank financial institutions.