Dem candidate Sanders wants fundamental changes in Wall Street
US Democratic presidential candidate Bernie Sanders has called for fundamental changes in the Wall Street.
Sanders (I-Vt.) made the announcement among fans in New York City on Tuesday, promising to break up all “too big to fail” banks within his first year in office.
“If elected president, I will rein in Wall Street so they can’t crash our economy again,” he said. “Will they like me? No. Will they begin to play by the rules if I’m president? You better believe it.”
His plan includes revival of the Glass-Steagall Act that separated traditional and investment banking but was repealed in 1999.
Sanders further drew a sharp distinction between himself and Democratic front-runner Hillary Clinton in the way to deal with the Wall Street.
“Secretary Clinton says we just need to impose a few more fees and regulations on the financial industry. I disagree,” he said.
He claimed that his plan targeted “the heart of the shadow banking system,” which Clinton’s campaign had alleged Monday was missing in Sanders’ policy.
“The reality is that fraud is the business model on Wall Street,” he said. “It is not the exception to the rule. It is the rule.”
He also undermined the US Congress role in monitoring the Wall Street.
“The reality is that Congress doesn’t regulate Wall Street,” Sanders began. The crowd finished the line: “Wall Street regulates Congress.”
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