TAILIEUCHUNG - Choosing the Road to Prosperity Why We Must End Too Big to Fail—Now

The conveniency of these notes soon spread them over the kingdom; and as the capital and credit of the Bank increased, they continued to gain an increasing circulation. Previous to the year 1796, that circula- tion was generally about equal in amount to the capital of the Bank. The Bank was obliged to keep on hand a large sum of coin to meet the pay- ment of such of its notes as might be presented for that purpose; but as a large portion of these notes were constantly circulating from hand to hand, and not at all likely to be presented for payment, the sum of coin kept. | Choosing the Road to Prosperity Why We Must End Too Big to Fail Now 2011 ANNUAL REPORT FEDERAL RESERVE BANK OF DALLAS The too-big-to-fail institutions that amplified and prolonged the recent financial crisis remain a hindrance to full economic recovery and to the very ideal of American capitalism. It is imperative that we end TBTF. CONTENTS Letter from the President 1 Choosing the Road to Prosperity 2 Year in Review 24 Senior Management Officers and Advisory Councils 26 Boards of Directors 28 Financial Audit 32 Letter from the President I f you are running one of the too-big-to-fail TBTF banks alternatively known as systemically important financial institutions or SIFIs I doubt you are going to like what you read in this annual report essay written by Harvey Rosenblum the head of the Dallas Fed s Research Department a highly regarded Federal Reserve veteran of 40 years and the former president of the National Association for Business Economics. Memory fades with the passage of time. Yet it is important to recall that it was in recognition of the precarious position in which the TBTF banks and SIFIs placed our economy in 2008 that the . Congress passed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd-Frank . While the act established a number of new macroprudential features to help promote financial stability its overarching purpose as stated unambiguously in its preamble is ending TBTF. However Dodd-Frank does not eradicate TBTF. Indeed it is our view at the Dallas Fed that it may actually perpetuate an already dangerous trend of increasing banking industry concentration. More than half of banking industry assets are on the books of just five institutions. The top 10 banks now account for 61 percent of commercial banking assets substantially more than the 26 percent of only 20 years ago their combined assets equate to half of our nation s GDP. Further as Rosenblum argues in his essay there are signs that Dodd-Frank s complexity and .

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