Abstract
Subject The implications of a large US financial sector. Significance The largest US banks have posted strong first-quarter earnings amid attacks by Senator Elizabeth Warren, who has presented programmes to scale back the size and influence of too-big-to-fail (TBTF) banks. However, a recent Bank for International Settlements (BIS) paper argues that the growth of large financial sectors stymies wider productivity, growth and innovation. This case could motivate policymakers of both parties to take a renewed look at the industry. Impacts Consolidation in the financial sector may be leaving the industry vulnerable to future shocks. The energy sector could be the next bubble, as renewable energy and carbon pricing could drive oil, gas and coal companies into bankruptcy. This would imperil the 6 trillion dollars of global investment into fossil fuels since 2007.
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