WASHINGTON Sen. Sherrod Brown, D-Ohio, has scheduled a hearing for July 31 to discuss a highly anticipated Government Accountability Office report on "too big to fail" due out the same day.
The GAO report, requested by Brown and Sen. David Vitter, R-La., examines the size of a market subsidy for large banks considered "too big to fail." Brown and others have warned that big financial institutions get billions from the markets in advantages for their size, on the assumption that the government would again bail them out in the event of a crisis.
The Ohio Democrat will head Thursday's 2pm hearing, "Examining the GAO Report on Expectations of Government Support for Bank Holding Companies," as chair of the banking panel's subcommittee on financial institutions and consumer protection.
Witnesses are scheduled to include Lawrance Evans, director of the financial markets and community investment division at the GAO, Deniz Anginer, an assistant professor of finance at Virginia Tech, Edward Kane, a professor of finance at Boston College, and Anat Admati, a professor of finance and economics at Stanford University.