Bernie Sanders Delivers A Body Blow To Wall St With New Bill To Break Up The Big Banks

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Sen. Bernie Sanders is taking on Wall Street directly with a new bill that would break up the nation’s “too big to fail” banks.

At a press conference announcing the bill, Sen. Sanders said:

No single financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation’s economic well-being. No single financial institution should have holdings so extensive that its failure would send the world economy into crisis. If an institution is too big to fail, it is too big to exist and that is the bottom line.

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If the American people are wondering why tens of millions of Americans are being charged interest rates of more than 20 percent on their credit cards, while big banks can receive virtually zero interest loans from the Federal Reserve, the lack of competition in the banking industry is a major reason for that.

If Teddy Roosevelt were alive today, do you know what he would say? He would say break ’em up. And he would be right.

And that’s exactly why we are here today.

The bill that I am introducing today with Congressman Brad Sherman would require regulators at the Financial Stability Oversight Council to establish “Too Big To Fail” list of financial institutions and other huge entities whose failure would pose a catastrophic risk on the United States economy without a taxpayer bailout.

This list must include, but is not limited to JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley.

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Importantly, under this bill, none of the institutions on the “Too Big to Fail list” would be able to receive a taxpayer bailout from the Federal Reserve; nor could they gamble with the federally insured bank deposits of the American people while they are on this list.

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The function of banking should be to provide affordable loans to small businesses to create jobs in the productive economy. The function of banking should be to provide affordable loans to Americans to purchase homes and cars. Wall Street cannot be an island onto itself.

It is an exciting time on the left. Hillary Clinton has taken a bold and very liberal position on immigration reform while her opponent for the Democratic nomination, Sen. Bernie Sanders, has filed legislation that will break up the Big Banks. While Republicans are trying to avoid any of the discussions that matter to a vast majority of Americans, the candidates for the Democratic nomination are making it clear what they think the future of the country should look like.

Sen. Sanders has already taken on the Koch brothers; now he is going after Congress’s other sacred big fish, Wall Street.

The left is on the march, and the billionaires and corporations are in for a fight.

11 Replies to “Bernie Sanders Delivers A Body Blow To Wall St With New Bill To Break Up The Big Banks”

  1. I love Bernie Sanders! He’s exactly what this country needs right now: a voice of reason. Especially with all the hysterical GOP Lunatics calling everything the Obama Administration does a government conspiracy.

    I love & agree with Sanders’ statement, “If a bank is too big to fail, it’s too big to exist.” We already know what happens when banks too big to fail, fail & ships too big to sink, sink. I hope Senator Sanders is scaring the shit out Wall Street & the GOP.

  2. I love to think that this will happen. For all of the bluster the Redumicans spew about the “American Way”, it’s funny how they allow W.S. to create a financial system that has very little competition and takes advantage of the middle class. I guess to them, feeding off the middle class is the new American Way.

  3. Words of Blasphemy and Heresy to the Religion of Mammon.

    How else can Senator Sanders prove his ability to govern?

  4. As much as I like Sanders, I think he does the most good in Congress. While I have some qualms about Clinton, I think she would be able to stand up to the pressures of the presidency and with a Senate led by Bernie and Hillary as president much could be accomplished.

  5. This is all great news; but I’m a firm believer that the Media might sway the primaries away from Sanders. While he’s by no means making a clean sweep, he’s gaining traction & attention from a wide array of sources, and it’s highly likely that he’ll at the very least have a significant affect on the Democratic landscape.

    Hilary is billionaire-backed, (the same billionaires that also own many media corporations), so it’s unlikely we’ll see respectable & fair coverage of Sanders’ appearances. However, just like Obama’s campaign did, we can beat the system using the Internet.

    We’ve specifically created a website to track his media appearances; here’s the link below: http://www.bernie-sanders.com

  6. Bernie is a liberal, like me. I also understand that his policies wouldn’t even go with most of the moderate to right wing Democrats, so even if he won, he couldn’t get anything through this congress of orangutans. He is better off in the senate with Warren, Brown and maybe Grayson when he wins. Get the Senate especially loaded with true Liberals first.

  7. Unfortunately, the Republican Congress will shelve Senator Sanders bill in the not to touch file. It will never see the light of day.

  8. As I read this posting, was thinking the exact same thing. As much as I like Sanders and Warren, I do believe we need them in the Senate and House too. People with the will of both are sadly missing. If, however he gets the nomination, he has my vote. As does Hillary or who ever gets the nod, I will never vote rethug. Who in their right mind could vote for anyone of the present contenders from the rethug party?

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