Hon. Ben Bernanke, Vice ChairmanFinancial Stability Oversight Counciland Chairman, Federal Reserve Board20th Street and Constitution Avenue NWWashington, DC 20551Hon. Timothy Geithner, ChairmanFinancial Stability Oversight Counciland Secretary of the Treasury1500 Pennsylvania Avenue NWWashington, DC 20520January 25, 2012Dear Chairman Bernanke and Secretary Geithner,Public Citizen, a public interest nonprofit organization representing more than 250,000members and supporters nationwide, hereby petitions the Board of Governors of theFederal Reserve System (the “Board”) and the Financial Stability Oversight Council (the“Council”) to recognize that the Bank of America Corporation (“Bank of America” or “thebank”) poses a “grave threat” to the stability of the United States financial system and tomitigate that threat, as provided by section 121 of the Dodd-Frank Wall Street Reform andConsumer Protection Act (the “Dodd-Frank Act” or the “Act”).
Pursuant to the authority inthe Act, the Board and the Council should reform Bank of America into one or moreinstitutions that are smaller, less interconnected, less complex, more manageable and, as aresult, less systemically dangerous.
Under section 121 of the Dodd-Frank Act, if the Board determines that a financialinstitution poses a “grave threat” to U.S. financial stability, then the Board, with approvalfrom the Council, “shall” mitigate that threat.
The Act offers regulators the flexibility totake a range of actions, including limiting the institution’s mergers and acquisitions,
Mitigation of Risks to Financial Stability, Dodd-Frank Wall Street Reform and Consumer Protection Act,§ 121, 12 U.S.C. § 5331 (2010).