Arianna appeared on CNN's "John King USA" Wednesday night to talk about the "Move Your Money" campaign, which she said allows people to act where government will not to limit the power of too-big-to-fail banks.
"The goal is really to give people an opportunity to do something themselves without waiting for government to act," Arianna told guest host Jessica Yellin. "So here's an opportunity for people to just move their money from the big banks into community banks, credit unions. As you know, deposits up to $250,000 are guaranteed, so there's no risk, and that way they are able to support institutions that are supporting their communities."
About $5 billion has been moved so far as a result of the campaign, Arianna told Yellin. That may not sound like a lot to big banks, she said, "but it's a lot of money to the local banks and credit unions," which are more likely to lend to small businesses and less likely to impose hidden fees.