U.S. banks' benefits from being "too big to fail" will be examined by congressional watchdogs in response to a bipartisan request from senators who say the government hasn't done enough to prevent future bailouts.
The Government Accountability Office said today that it plans to study the "economic benefit" banks such as JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. in response to a request from Senators David Vitter, a Louisiana Republican, and Sherrod Brown, an Ohio Democrat.
Vitter and Brown made the request that the GAO look at bank holding companies with assets more than $500 billion after leaders in the Republican-controlled House refused to take up their Senate bill, which passed unanimously.
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