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Sanders vowing to break up banks during first year in office

1 year 6 months 2 weeks ago Tuesday, January 05 2016 Jan 5, 2016 January 05, 2016 11:10 AM January 05, 2016 in News
Source: Associated Press
By: Lisa Lerer

WASHINGTON - Democratic presidential candidate Bernie Sanders is pledging to break up the country's largest financial institutions within the first year of his administration if he is elected to the White House.

In a fiery speech just a few subway stops from Wall Street, Sanders characterized the financial industry as one run on "greed, fraud, dishonesty and arrogance." He put a twist on a famed line from a 1980s Oliver Stone film, telling those listening on Wall Street that "Greed is not good."

Under Sanders' plan, "too-big-to-fail" companies whose failure would pose a grave risk to the U.S. economy without a taxpayer bailout would be forced to reorganize within a year.

Sanders also wants to cap ATM fees at two dollars and cap interest rates on credit cards and consumer loans at 15 percent. And he promised to take a tougher tact against industry abuses, noting that major financial institutions have been fined only $204 billion since 2009.

Sanders also says he would also restructure credit rating agencies and the Federal Reserve so bankers cannot serve on the body's board.

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