Sen. Bernie Sanders introduced legislation today to break up banks that have grown so large that the Justice Department fears the financial system would be at risk if criminal charges were filed against them.
Attorney General Eric H. Holder Jr. said the Justice Department may not pursue criminal cases against big banks because filing charges could “have a negative impact on the national economy, perhaps even the world economy.”
“We have a situation now where Wall Street banks are not only too big to fail, they are too big to jail,” Bernie said.
Bernie’s legislation, which was introduced in the House by Rep. Brad Sherman, would give the Treasury Department 90 days to identify commercial banks, investment banks, hedge funds and insurance companies 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 legislation also instructs the Treasury secretary to “break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.”
Read the bill »
Read more »
Watch Bernie’s press conference »
Defying Trump’s right-wing agenda from Day One
Inauguration Day is coming up soon, and at Truthout, we plan to defy Trump’s right-wing agenda from Day One.
Looking to the first year of Trump’s presidency, we know that the most vulnerable among us will be harmed. Militarized policing in U.S. cities and at the borders will intensify. The climate crisis will deteriorate further. The erosion of free speech has already begun, and we anticipate more attacks on journalism.
It will be a terrifying four years to produce social justice-driven journalism. But we’re not falling to despair, because we know there are reasons to believe in our collective power.
The stories we publish at Truthout are part of the antidote to creeping authoritarianism. And this year, we promise we will kick into an even higher gear to give you truthful news that cuts against the disinformation, vitriol, hate and violence. We promise to publish analyses that will serve the needs of the movements we all rely on to survive the next four years, and even build for the future. We promise to be responsive, to recognize you as members of our community with a vital stake and voice in this work.
Please show your support for Truthout with a tax-deductible donation (either once today or on a monthly basis).