BERNIE’S PLAN TO BREAKUP TO BIG TO PROSECUTE BANKSTERS!
Bernie Sanders detailed explanation of how he would end “too-big-to-fail banks.”
#1 FIRST 100 Days, 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.
#2 Within a year, the Sanders 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.
#3 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 = precisely to prevent Wall Street speculators from causing another Great Depression.
#4 Sanders will fight to sign the Warren-McCain bill into law.
Sanders Clear Plan on Breaking Up Too-Big-to-Fail Banks
Clinton lies and propaganda = “The core of his campaign has been breaking up the banks, and it didn’t seem in reading his answers that he would understand exactly how that would work under Dodd-Frank.”
New York Times = “taken as a whole, Mr. Sanders’s answers seem to make sense. Crucially, his answers mostly track with a reasonably straightforward breakup plan that he introduced to Congress last year.”
Sanders = “legislation passed, giving the authority to the secretary of treasury to determine, under Dodd-Frank, that these banks are a danger to the economy over the problem of too-big-to-fail,” later adding that it’d be the banks’ decision “how they want to reconfigure themselves….You would determine is that, if a bank is too big to fail, it is too big to exist. And then you have the secretary of treasury and some people who know a lot about this, making that determination. If the determination is that Goldman Sachs or JPMorgan Chase is too big to fail, yes, they will be broken up.”
Bernie and rival Clinton “have very different points of view on how to reform Wall Street and the largest financial institutions in this country.”
Huffington Post’s Ryan Grim = Charged that as the interview went on, “it began to appear that the Daily News editors didn’t understand the difference between the Treasury Department and the Federal Reserve.”
Dean Baker = Knowingly passing off fraudulent mortgages in a mortgage backed security is fraud. + The complaints are just silly. + Sanders is right to give them a size cap and let them figure out the best way to reconfigure themselves to get under it.
Dean Baker = “The D.C. press corps that goes nuts because Bernie Sanders doesn’t know the name of the statute under which he would prosecute bank fraud thinks a guy (PAUL RYAN) who calls for eliminating most of the federal government is a great budget wonk.”