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Sanders’ bill would break up big banks

Joe Mont | October 5, 2018

In a response to the 10th anniversary of the global Financial Crisis and domestic Wall Street bailout, Sen. Bernie Sanders (I-Vt.) has introduced legislation that would “break up the nation’s biggest banks and risky financial institutions in order to safeguard the economy.” 

Rep. Brad Sherman (D-Calif.) will introduce a companion bill in the House.

Today the six largest banks in America control assets equivalent to more than half the country’s Gross Domestic Product and the four largest banks are on average about 80 percent larger today than they were before the bailout, Sanders said in a statement. His proposed legislation would cap the size of the largest financial institutions so that a company’s total exposure is no more than 3 percent of GDP, roughly $584 billion today. 

By applying a cap on the size of...

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