Sen. Bernie Sanders plans to introduce new legislation to break up Wall Street banks and prevent them from using the the House-passed spending bill to engage in the kind of investments that led to the 2008 financial crisis.
The Independent senator from Vermont used Saturday’s Senate session to outline a proposal that he believes would combat spending bill provisions meant to “gut” financial reforms passed by Congress in 2010.
“If Congress cannot regulate Wall Street, there is just one alternative. It is time to break these too-big-to-fail banks up so that they can never again destroy the jobs, homes, and life savings of the American people,” Mr. Sanders said in a statement Saturday.
Mr. Sanders said that he would introduce the new legislation to break up the behemoth banks at the beginning of the new session of Congress.
“If Wall Street lobbyists can literally write a provision into law that will allow too-big-to-fail banks to make the same risky bets that nearly destroyed our economy just a few years ago, it should be obvious to all that their incredible economic and political power is a huge danger to our economy and our way of life,” Mr. Sanders said.