Banks’ risky activities need to be made public
The recent federal budget bill voids the ban for banks to speculate in derivatives and similar ventures using deposited, federally insured funds. This type of activity was a major contributor to the 2008 financial fiasco.
We, as private citizens, stand little chance to oppose the lobbyists who arranged this change. What we can insist upon and require, however, is that the banks that engage in these activities must make this public knowledge. It will then be up to individuals to deposit their funds in these banks or other financial institutions.
Hans G. Reif