Independent Vermont senator Bernie Sanders recently proposed legislation to break up financial institutions that U.S. Attorney General Eric Holder deems “too big to fail.”
“Laws should apply to Wall Street as well as everybody else,” Sanders wrote in a Huffington Post piece. “So I was stunned when our country’s top law enforcement official recently suggested it might be difficult to prosecute financial institutions that commit crimes because it may destabilize the financial system of our country and the world.”
Sanders’ bill, which has drawn support from Bay State Senator Elizabeth Warren, would give Treasury Secretary Jack Lew 90 days to compile a list of insurance companies, hedge funds, commercial and investment banks, and other financial institutions he determines are too big to fail. The Treasury Department would then have a year to break up these institutions into smaller, manageable conglomerates.
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