Section 121 of Dodd-Frank
Public Citizen, a public interest nonprofit organization representing more than 250,000 members and supporters nationwide, hereby petitions the Board of Governors of the Federal Reserve System (the Board) and the Financial Stability Oversight Council (the Council) to recognize that the Bank of America Corporation (Bank of America or the bank) poses a grave threat to the stability of the United States financial system and to mitigate that threat, as provided by section 121 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act). 1 Pursuant to the authority in the Act, the Board and the Council should reform Bank of America into one or more institutions that are smaller, less interconnected, less complex, more manageable and, as a result, less systemically dangerous.
Under section 121 of the Dodd-Frank Act, if the Board determines that a financial institution poses a grave threat to U.S. financial stability, then the Board, with approval from the Council, shall mitigate that threat.2 The Act offers regulators the flexibility to take a range of actions, including limiting the institutions mergers and acquisitions, restricting or imposing conditions on its products or activities, or ordering it to divest assets or off-balance sheet items.
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http://www.citizen.org/documents/Public-Citizen-Bank-of-America-Petition.pdf