Sens. Elizabeth Warren, D-Mass., and David Vitter, R-La., have merged in an unlikely pairing to rein in the Federal Reserve’s emergency lending powers to Wall Street’s biggest banks.
The two introduced bipartisan legislation in the spring that would hinder megabank bailouts should another financial crisis hit the U.S.
“It is time to end too big to fail,” Warren said Wednesday during an event at the Cato Institute. “It is still a serious issue in this economy and more importantly, it is a serious issue in politics. We’re trying to find a way to beat it back and to get us back to an economy that works better, not just for those at the top, but for everyone.”

When the 2008 financial crisis hit the U.S., the bailouts under Congress’ $700 billion TARP package dominated headlines and political debate. But Warren noted the lesser-known $9 trillion in overnight loans the Federal Reserve was quietly “shoveling out the backdoor” that primarily funneled into just three financial institutions.