Senator Sherrod Brown joined HuffPost Live Thursday and said that President Obama and the Treasury Department are wrong to believe that Dodd-Frank has solved the "too big to fail" problem.
"They're wrong," Brown told HuffPost's Zach Carter. "I think that they need to think that, they want to think that because they want that chapter closed and not reopened. They don't really want to deal with those issues."
Brown added that because markets believe the government will ultimately bail out one of the nation's six biggest banks in the event it is in jeopardy, small and medium sized banks around the country are forced to borrow money at higher interest rates. And the pervasive "too big to fail" phenomenon means, according to Brown, that the big banks can ultimately do whatever they want.
"That gives them free reign to do all kinds of high-risk, borderline, shady, illegal...it really does give them incentives to do whatever they want," he said. "I don't want a financial community where the biggest banks can do whatever they want. Their greed and their risk taking was paid for by a huge number of Ohioans who lost jobs beacuse of the games [these banks] played in 2007, 2008."