Speaking at the City Club of Cleveland, Brown said the largest banks in the country have benefited from the government’s “too big to fail” policies at the expense of smaller lending institutions. And, he said, they invest in a wide array of products knowing the government could bail them out if the market turns sour.
“If big banks fail, executives and investors should pay the price for that failure,” Brown said. “Not the hairdresser in Elyria, not the steelworker at ArcelorMittal, not the teller at PNC. It’s about subjecting Wall Street to the same market discipline that all of you in business live with every single day.”
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