May 06, 2015

Bernie Sanders To Introduce Bill To Break Up The Big Banks

Bernie Sanders, a self-described socialist U.S. senator who has launched a bid for the 2016 Democratic presidential nomination, said on Tuesday he will introduce a bill to break up the biggest banks, a position far to the left of the party's front runner, Hillary Clinton.
Calls for Wall Street's largest firms to be cut down were numerous after taxpayers spent billions of dollars to prevent the financial system from collapse during the 2007-09 financial crisis, but they have since gradually died down.
Sanders faces long odds against Clinton's fund-raising might, and his views might help position the former secretary of state and first lady more as a moderate and buttress her efforts to attract money from banks' deep pockets.
Under the Sanders proposal, regulators on the existing Financial Stability Oversight Council would compile a list of institutions that are 'too big to fail' and implicitly rely on government support during a crisis.
"If an institution is too big to fail, it is too big to exist," Sanders said in a statement.
Within a year of enactment of the bill, the Treasury secretary would be required to break up these firms. They would also be prohibited from using any customer funds for risky or speculative activities on financial markets.
Sanders, an independent from Vermont, launched his long-shot bid last week, highlighting his fight against authorizing the Iraq war, which Clinton voted to authorize as a senator, and putting pressure on her political agenda from the left.
Sanders is not alone in his view that large banks still pose an undue risk to the economy after causing the worst economic crisis since the Great Depression.
Senator Elizabeth Warren, a highly visible Democrat from Massachusetts, also wants to break up big banks. Among regulators, Tom Hoenig, second-in-command at the powerful Federal Deposit Insurance Corporation, wants the same thing.
Still, the bill stands a near-zero chance of becoming law. Representative Brad Sherman, a Democrat from California, also backed the bill, but it has no Republican support. Republicans hold the majority in both houses of Congress.


  1. Jct: Waste of time busting up big loan-shark operations into small ones Bernie! You have to upgrade the bad 1/s-i) bank software to simple 1/s good poker chip software that never loses its value. Lots of small sharks rather than a few big ones is really no help at all. Get rid of the teeth!

  2. Criminal charges for fraud need to be brought against the entire senior management of every one of these banks as well. THEN break them up.

  3. Why this is called "far left" is the missconseption of the day, and the left, or whatever it is, have been dad silent for decades, and I see only shades of gray, a neofaudal/cleptocratic society.
    Its about crime, forgerys and downright lies.
    aka The monetary policitical system, witch is private.

    Anything else, is an deliberate divertion from the glearing fact, the FeD have ruined your land and is right now, since there isnt mutch left, finding ways to plunder your bank acount, and you call the "capitalism".

    I am not one of those dooms day senario screamers, but never the less, the facts speak for them selfs, dbt cant solve jack shit, we know it, they know it, but of course will eventually be forced by the consequences of their oven created cluster f..... of biblical proportions.
    The real shame is the "experts" whom is druling for their masters and feed us bollocs an mass, twisting the facts, pointing in any direction what so ever, no matter how obscure, and some even people bite into, to any way but to the core of it all.

    If you dont gett it by now, its your problem, not mine to be honest.