Financial reform is the focus of the country's political attention at the moment and I have to say it's about time. It's been nearly two years since the country's economy began unraveling and now that things have somewhat stabilized it's time to ensure this doesn't happen again for another hundred years or so. Now that Republicans have stopped standing in the way of the proposed legislation to further regulate Wall Street we're likely to get yet another piece of legislation that will change the way the country works for years to come (which I'm happy with). My concern is that the legislation won't go far enough. Over the last couple of decades laws were changed which allowed banks to grow larger and larger and left us with banks that were "too big to fail". I want to see those laws restored. I want limits on how many accounts individual banks can hold. Local banks are just more stable and should be supported. Chances are more money will be reinvested into the community with small banks as there isn't the same pressure to show profits for shareholders. We need some old fashioned Theodore Roosevelt style monopoly smashing here. Maybe, an ax would be a little to harsh. Slicing them with a scalpel might be smarter. Every year the maximum number of accounts a bank can hold could drop by 2% for the next ten years. After ten years we get banks that are much more manageable and less in danger of collapsing. Corporations have gotten way too big in this country and if we don't prevent them from becoming monopolies we'll be in peril indefinitely, just waiting for the next bubble to burst.
All of my money (what little there is) is invested in a community bank. I hope you consider taking action on your own and moving your money to a community bank, it saves the country and you can still get totally free checking.