Senator Warren says, “We have got to get back to running this country for American families, not for its largest financial institutions.”

The four biggest Wall Street banks are 30% larger than before the financial crisis, she said, while the five biggest institutions hold more than half the bank assets in the country.

Warren claimed this amounted to an $83bn-a-year taxpayer subsidy for some Wall Street institutions, because they were so large that they could safely rely on a government bailout in the event of a future crisis, and were therefore able to take bigger risks than rivals. She cited research that suggests the crash cost up to $14tn, or $120,000 for each American household.

“Where are we in making sure behemoth institutions on Wall Street can’t bring down the economy again? And make wild gambles that suck up all the profits in the good times? And stick the taxpayer with the bill when it goes wrong?” she demanded.

“Three years since Dodd-Frank was passed, the biggest banks are bigger than ever, the risks to the system have grown and the market distortions continue.”     She said current regulators do not give “much reason for confidence” and added: “It is time to act: the last thing we should do is wait for another crisis.”    Cost of Financial Crisis   21stCenturyGlassSteagall