Last month, we noted that Public Citizen filed an official petition with the Federal Reserve to break up Bank of America, using powers granted under the Dodd-Frank financial reform bill. Those measures were supposed to end "too big to fail,” yet Bank of America has assets equal to one-seventh of America’s GDP—and there are quiet but persistent whispers about the bank’s financial health and inability to raise capital.
If the bank were to go under, it would no doubt wreak havoc on the global economy. Public Citizen wants a controlled breakup of the bank now, before a crisis arises. It has just released a new video advocating for Federal Reserve action, using the words of President Obama, who pledged the country would never be held hostage by a too-big-to-fail institution.
There is also a public petition drive underway; you can view and sign here.