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

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

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

WAPO-

Sen. Bernie Sanders (I-Vt.) on Wednesday unveiled 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’s 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. That would cap their size at $584 billion in today’s dollars.

[WAPO]

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