Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Donkees

(32,395 posts)
Wed Oct 3, 2018, 12:45 PM Oct 2018

Sanders to launch new plan to break up Wall Street giants, including Goldman Sachs and JP Morgan

October 3 at 11:58 AM

Sen. Bernie Sanders (I-Vt.) on Wednesday is unveiling legislation that would place a hard cap on the size of financial institutions, a proposal that would splinter Wall Street’s biggest firms in an effort to ward off future taxpayer bailouts.

The measure is dead on arrival with a Republican Congress and President Trump in office. And even if the current Democratic Party were to take control of government, it would face a difficult path to passage, as many of the party’s moderates have opted for answers to the banking crisis that did less to alter the financial system.

Sanders’ bill would bar financial institutions from holding assets, derivatives, and other forms of borrowing worth more than 3 percent of the entire U.S. economy, or $584 billion in today’s dollars.

The legislation would force federal regulators to break up six different Wall Street firms — JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — as well as insurance giants such as Prudential Financial and MetLife. Collectively, the targeted firms hold more than $13 trillion in assets, according to Sanders aides.

https://www.washingtonpost.com/business/2018/10/03/sanders-launch-new-plan-break-up-wall-street-giants-including-goldman-sachs-jp-morgan/

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Sanders to launch new plan to break up Wall Street giants, including Goldman Sachs and JP Morgan (Original Post) Donkees Oct 2018 OP
How are Democratic candidate's suppose to get campaign money? bahrbearian Oct 2018 #1
Senator Sanders Facebook Video: ''Break Up the Banks'' Donkees Oct 2018 #2

Donkees

(32,395 posts)
2. Senator Sanders Facebook Video: ''Break Up the Banks''
Wed Oct 3, 2018, 12:56 PM
Oct 2018

BREAK UP THE BANKS: Any financial institution that's too big to fail is too big to exist. It's time to break up the big banks. Today I'm introducing legislation to do just that.

Join me for a discussion with Rep. Brad Sherman (D-Calif.) and Simon Johnson, former chief economist at the International Monetary Fund and current MIT professor.

https://www.facebook.com/senatorsanders/videos/189328311961376

Latest Discussions»Retired Forums»Bernie Sanders»Sanders to launch new pla...