Sanders' administration will create a list of "too big to fail" institutions by the end of his first 100 days in the White House. "Within one year, my administration will break these institutions up so that they no longer pose a grave threat to the economy," he said. Sanders will accomplish this goal by appointing strong regulators who will utilize Section 121 of Dodd-Frank to ensure the safety and soundness of the financial system by breaking up large banks and shadow banks that pose a grave threat to the economy.
Sanders promised to fight to establish a 21st-century Glass-Steagall Act, a Depression-era law signed by President Franklin D. Roosevelt designed to prevent Wall Street speculators from crashing the economy. (The original Glass-Steagall Act was repealed under President Bill Clinton.) Sanders also said his administration will reform the Federal Reserve to focus on its full-employment mandate.
"Secretary Clinton says that Glass-Steagall would not have prevented the financial crisis because shadow banks like AIG and Lehman Brothers, not big commercial banks, were the real culprits. On this issue, Secretary Clinton is wrong. Shadow banks did gamble recklessly. Where did their money come from? It came from the federally-insured bank deposits of big commercial banks -- something that would have been banned under the Glass-Steagall Act," Sanders said.
Sanders also said he will fight to cap ATM fees at $2, cap interest rates on credit cards and loans at 15 percent, establish modest banking services at post offices (a service needed in low-income communities), and turn credit-rating agencies into non-profits that are committed to accurately rating financial products, and are not beholden to Wall Street.
"Not one major Wall Street executive has been prosecuted for causing the near collapse of our entire economy," Sanders said before describing some of the biggest crimes committed by financial institutions in recent years. "That will change under my administration. 'Equal justice under law' will not just be words engraved on the entrance of the Supreme Court. It will be the standard that applies to Wall Street and all Americans." [3]
Back to Iowa
Bernie will be in Iowa for four days of campaigning, beginning Friday, January 8th. Bernie has said that he is optimistic about winning Iowa and NH as well as the nomination and the election to the presidency. Given the turnouts for him across the country we make his prediction a reality by turning out to vote for him when the primary takes place in our state.
[1] New York Daily News, 12/29/15
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