Sen. Bernie Sanders proposed legislation that would break up the big banks and financial institutions that crashed the economy.
The ending of ‘too big to fail’ would also open the door to criminal prosecutions of corporate criminals who have up until now been too big to jail.
“We have a situation now where Wall Street banks are not only too big to fail, they are too big to jail,” said Sanders. “That is unacceptable and that has got to change because America is based on a system of law and justice.”
“In my view, no single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” said Sanders. “At the very least, no institution, no CEO in America should be above the law.
“If an institution is too big to fail, it is too big to exist,” according to the Vermont lawmaker.
The Sanders legislation 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 a government bailout.
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