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2016 Postmortem
Showing Original Post only (View all)Hillary Folks: Sen Sanders wants to Break up Big Banks. Where does Sec Clinton Stand on this Issue? [View all]
This is a policy discussion only. What is her position?
Sanders Files Bill to Break Up Big Banks
Wednesday, May 6, 2015
WASHINGTON, May 6 Sen. Bernie Sanders (I-Vt.) today introduced legislation to break up the nations biggest banks in order to safeguard the economy and prevent another costly taxpayer bailout. Rep. Brad Sherman (D-Calif.) proposed a companion bill in the House.
The 2008 financial crisis had a devastating impact on the U.S. economy. It cost as much as $14 trillion, the Dallas Federal Reserve calculated. The Government Accountability Office pegged the cost at $13 trillion. The Congressional Budget Office estimated that the crisis nearly doubled the national debt and cost more than the Bush tax cuts and the wars in Iraq and Afghanistan combined.
The six largest U.S. financial institutions today have assets of some $10 trillion, an amount equal to almost 60 percent of gross domestic product. They handle more than two-thirds of all credit card purchases, control nearly 50 percent of all bank deposits, and control over 95 percent of the $240 trillion in derivatives held by commercial banks.
The Sanders and Sherman legislation would give banking regulators 90 days to identify commercial banks, investment banks, hedge funds, insurance companies and other entities whose failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance.
The list would have to include Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo. These eight institutions already have been deemed systemically important banks by the Financial Stability Board, the international body which monitors the global financial system. Under the legislation, the U.S. Treasury Department would be required to break up those and any other institutions deemed too big to fail by the treasury secretary. Any entity on the too-big-to-fail list would no longer be eligible for a taxpayer bailout from the Federal Reserve and could not use their customers bank deposits to speculate on derivatives or other risky financial activities.
To read the bill and a summary click here and here. LINK: http://www.sanders.senate.gov/newsroom/press-releases/sanders-files-bill-to-break-up-big-banks
What is Sec Clinton's position on this important issue? FOR OR AGAINST?
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Hillary Folks: Sen Sanders wants to Break up Big Banks. Where does Sec Clinton Stand on this Issue? [View all]
grahamhgreen
Jul 2015
OP
lol. You'd think one of her think tank members could step up to the plate with an answer. If they
grahamhgreen
Jul 2015
#2
Yes she's running, and I'm pretty sure no members of DU are running or are on her campaign...
George II
Jul 2015
#14
And it failed, even with Democratic majorities in both houses. So what is different today...
George II
Jul 2015
#77
You're correct. But if he introduced that legislation in 2009 when the Democrats....
George II
Jul 2015
#16
The Democratic Party and Democratic Representatives/Senators were "right wing" in 2009?
George II
Jul 2015
#76
We're being told that he is has "leadership qualities", and people are now touting this 2015....
George II
Jul 2015
#75
It is a sad commentary on the most of the rest of the Dems in Congress. It was a sensible bill
Luminous Animal
Jul 2015
#34
While your at it, ask them where she stands on Publicly Funded Elections vs. Super Pacs and
Dustlawyer
Jul 2015
#15
She stands with both hands out at the corner of Wall Street and Third Way Way
Indepatriot
Jul 2015
#17
Are you seriously comparing Bernie to Herbert Hoover or am I missing something here?
Ed Suspicious
Jul 2015
#29
"a chicken in every pot" was Huey Long's famous slogan for his election to Governor.
bvar22
Jul 2015
#120
Then he likely appropriated the phrase from the 1928 Hoover campaign. Thanks for clearing that up
Ed Suspicious
Jul 2015
#122
I absolutely agree with Bernie on this. It should have been done long ago but especially after they
sabrina 1
Jul 2015
#20
You aren't allowed to know. If you did it would risk her election chances - so says the poster a
Ed Suspicious
Jul 2015
#123
Well, here's a happy little article on Common Dreams that might shed some light on your question:
PatrickforO
Jul 2015
#30
Yep...and Iceland didn't have piles of private and corporate dollars in Samoa...
Sancho
Jul 2015
#130
I'm sorry but you have not explained just why we cannot break up our big banks.
zeemike
Jul 2015
#133
One reason is that Florida (for example) has 200 billion in employee retirement in those banks.
Sancho
Jul 2015
#134
It's why they'll lose. They can't even say if she's for or against it. Sad.
grahamhgreen
Jul 2015
#41
She says no because it is a stupid idea to propose that will lose the election for her.
Darb
Jul 2015
#63
Obviously Bernie is on the right track with this issue and it is an almost certainty Hillary
randys1
Jul 2015
#79
What anyone proposes is not an issue, it's what you can deliver. Sanders himself acknowledged this
stevenleser
Jul 2015
#83
Where does Hillary stand on this issue? For or against, it ain't rocket science.
grahamhgreen
Jul 2015
#108
Where is Bernie on Israel, and on the Israeli boycott, I haven't heard him say anything so I assume
still_one
Jul 2015
#111
no different then this OP, setting up a sound bite so if Hillary doesn't comment immediately on
still_one
Jul 2015
#131
the same place she stands on giving everyone a diamond mine. It doesnt matter because it cannot
stevenleser
Jul 2015
#112
Absolutely. Also, it is an excuse to setup a straw man argument against Hillary. I could do the
still_one
Jul 2015
#109
In other words, you can refute what I said and raise that canard instead. LOL.
stevenleser
Jul 2015
#95
Yup. You make it easy when you deviate from the topic to attack me personally. It means
stevenleser
Jul 2015
#103
On what issue? What Bernie can't deliver? How about making everyone be able to fly?
stevenleser
Jul 2015
#110
Does she think that having banks that are too big to fail are good or bad for America?
grahamhgreen
Jul 2015
#144