Michael Bloomberg Leans Left With Plan to Rein In Wall St.

[RandySF]

Michael R. Bloomberg on Tuesday offered his proposals for regulating Wall Street, where he made his billions, promising a return of Obama-era oversight if elected president and invoking the name of one of his rivals, Senator Elizabeth Warren, in an attempt to connect with the Democratic Party’s progressive wing.

As he proposed reversing some of President Trump’s deregulation of the finance industry, Mr. Bloomberg said he would rework the Volcker Rule, one of the most controversial regulations set up in the wake of the 2008 financial crisis. In the past, he has criticized the way the rule put limitations on how banks can invest their money.

Mr. Bloomberg, who will join the Democratic primary debate stage for the first time on Wednesday, also said he would increase the capital requirements at large financial institutions to head off the need for another taxpayer bailout, phase in a 0.1 percent tax on transactions like stock sales and curb overdraft fees that hit the financially vulnerable.

Perhaps the most surprising proposal, given Mr. Bloomberg’s close personal ties to business titans, is a plan for the Justice Department to create a team to fight corporate crime by “encouraging prosecutors to pursue individuals, not only corporations, for infractions.”




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

[Gravitycollapse]

1. "Bloomberg changes opinion to get elected; will promptly change back after win"

[patricia92243]

2. Bloomberg is not on the stock market.