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Bernie Sanders Lays Out Plan To Break Up Wall Street Banks

In an hour-long speech today, Bernie Sanders laid down the gauntlet to Wall Street.

Bernie Sanders rolled out specifics on how he would contend with Wall Street if elected to the Presidency.

Sanders promised to create a list of the biggest "too big to fail" institutions within the first 100 days of his presidency, and then break them up.

He would also reinstate Glass-Steagall and establish rigid firewalls between insurance, securities and banking.

Sanders then promised to tax Wall Street speculators as penalty for destabilizing markets.

In addition, he would force bond rating agencies to become non-profit entities in order to reduce the possibility of favoritism toward Wall STreet.

Bernie also promised to cap credit card interest rates and consumer loans at a maximum rate of 15 percent, and ATM transaction fees at $2.00.

Probably one of the most progressive and innovative ideas is one originally proposed by Senator Elizabeth Warren to allow Post Offices to offer basic banking services to people, an idea that is long past time to implement.

Finally, he also offered some ideas for reformation of the Federal Reserve Bank, including the practice of paying banks interest to keep money out of circulation. Sanders proposes paying them a fee instead.

The full text of his speech is here, and you can watch the entire speech in the video above.


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