Exclusive Details on Michael Bloomberg's Plan to Rein in Wall Street

[Zorro]

Exclusive: We’re the first to report Mike Bloomberg’s proposals for changing how the financial industry is regulated, which he is planning to announce this morning. The plan features ideas that wouldn’t be out of place for Senators Bernie Sanders and Elizabeth Warren.

Among Mr. Bloomberg’s proposals:

• A financial transactions tax of 0.1 percent

• Toughening banking regulations like the Volcker Rule and forcing lenders to hold more in reserve against losses

• Having the Justice Department create a dedicated team to fight corporate crime and “encouraging prosecutors to pursue individuals, not only corporations, for infractions”

• Merging Fannie Mae and Freddie Mac

• Strengthening the Consumer Financial Protection Bureau and “expanding its jurisdiction to include auto lending and credit reporting”

• Automatically enrolling borrowers of student loans into income-based repayment schemes and capping payments

Many of the proposals are a reversal from Mr. Bloomberg’s previous stance on financial regulation. In 2011, he complained that Democrats were taking “punitive actions” against Wall Street that could harm the economy. And comments he made in 2015 linking the financial crisis to the end of banks’ so-called redlining practices have drawn fierce criticism in recent days.

It’s a sign of how far left Democratic presidential hopefuls feel they need to go to succeed in this year’s primary — even with a multibillion-dollar war chest. Mr. Bloomberg’s financial transactions tax plan is remarkably similar to one that has the backing of Representative Alexandria Ocasio-Cortez.

https://www.nytimes.com/2020/02/18/business/dealbook/bloomberg-regulation-wall-street.html

[snowybirdie]

1. Sounds good

However, I seem to remember candidate Trump promising many things. To date, nada! I'll look at his record, not his diametrically opposed "plans".

[MontanaFarmer]

2. A transaction tax is good policy.

Whether from Bloomberg or Sanders, there is simply too much revenue being generated, and too much money changing hands, for us not to benefit as a whole. I think that's a great pot of money for infrastructure development and carbon sequestration/ climate change mitigation.

[2naSalit]

3. That's nice.

I hope he doesn't make it past March 3. Sorry, he's not in this for us when he gets in the WH.