Bernie Sanders: BREAK UP Too-Big-to-Fail Banks

[Segami]

PRESS RELEASE


Sanders: Break up Too-Big-to-Fail Banks



APRIL 6, 2016



LARAMIE, Wyo. — U.S. Sen. Bernie Sanders’ spokesman issued the following statement on Tuesday on how the nation’s biggest banks would be broken up under a Sanders administration:

“Sen. Bernie Sanders and Secretary Clinton have very different points of view on how to reform Wall Street and the largest financial institutions in this country.

“Sen. Sanders believes that it is necessary to break up large financial institutions not only because we need to prevent another Wall Street bailout, but because of the incredible concentration of ownership and power that now rest with a handful of these huge institutions. In fact, the six largest financial institutions in this country now have assets equivalent to more than 56 percent of our nation’s GDP, issue two thirds of the credit cards, and one third of the mortgages.

“Electing Sen. Sanders as president would send a clear message to financial regulators that they need to do everything within their power to break up financial institutions so that they can no longer threaten the financial well-being of the American people.

“Here’s how he will accomplish that.

“Within the first 100 days of his administration, Sen. Sanders will require the secretary of the Treasury Department to establish a “Too-Big-to Fail” list of commercial banks, shadow banks and insurance companies whose failure would pose a catastrophic risk to the United States economy without a taxpayer bailout.

“Within a year, the Sanders administration will work with the Federal Reserve and financial regulators to break these institutions up using the authority of Section 121 of the Dodd-Frank Act.

“Sen. Sanders will also fight to enact a 21st Century Glass-Steagall Act to clearly separate commercial banking, investment banking and insurance services. Secretary Clinton opposes this extremely important measure.

“President Franklin Roosevelt signed the Glass-Steagall Act into law precisely to prevent Wall Street speculators from causing another Great Depression. And, it worked for more than five decades until Wall Street watered it down under President Reagan and killed it under President Clinton. That is unacceptable and that is why Sen. Sanders will fight to sign the Warren-McCain bill into law.”





https://berniesanders.com/press-release/sanders-break-big-fail-banks/

[Silver_Witch]

1. Agreed

Perfect and hoping he wins and is able to do just this!

[cosmicone]

2. bwaaaaaahahahahahahahahahahahahahahahahahahahaha

He flunked the NY daily news interview BADLY.

Moral of the story: If you're a one issue candidate, have mastery on your one issue.

[think]

3. Hillary Clinton won't support Glass Steagall because it would break up banks that paid her well

for speaking engagements. It's not rocket science.

[cosmicone]

4. Glass Steagall doesn't deal with breaking up banks

Dodd Frank does.

[think]

7. In 1933, Glass–Steagall Act forced J.P. Morgan & Co. to separate its investment banking

In 1933, the provisions of the Glass–Steagall Act forced J.P. Morgan & Co. to separate its investment banking from its commercial banking operations.

https://en.wikipedia.org/wiki/J.P._Morgan_%26_Co.#Glass.E2.80.93Steagall_and_Morgan_Stanley

You're right. It just separates the bank into smaller entities. That's not breaking them up at all.

break

verb
1.
separate or cause to separate into pieces as a result of a blow, shock, or strain.
"the rope broke with a loud snap"
synonyms: shatter, smash, crack, snap, fracture, fragment, splinter, fall to bits, fall to pieces; More

[rgbecker]

9. Well Thought.

[Nanjeanne]

10. Facts won't convince those who prefer a sound bite. But nice try!

[Segami]

5. Like I said.....

Have someone check out your gassy problem......its making you stutter....

[Sheepshank]

6. Breaking up big banks is not a new mantra...it's old

Which in an of itself is just fine. It's ok to keep repeating a popular line. But after all this time to not have a detailed game plan in place, to not know the rules and laws necessary to make such a dictate come to pass, tells everyone (that bothers to listen) it's all words, and Bernie plans no action. It's what he's done for 25 years in office...lots of talk, a mere pittance of sponsored bills he has nurtured through it's adoption into law.

[disillusioned73]

8. Key issue..

to this campaign.. & I hope there is a vigorous discussion about it on the 14th.. people need to learn the facts on this issue, most voters just can't connect the dots on their own.. or even have the time to even begin to do so - especially with our corporate owned media..