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dixiegrrrrl

(60,010 posts)
Wed Apr 10, 2013, 08:29 AM Apr 2013

Look at Bernie Sanders' "little" bill to break up TBTF banks....30 lines long.

A BILL
To address the concept of ‘‘Too Big To Fail’’ with respect to certain financial entities.


1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Too Big to Fail, Too
5 Big to Exist Act’’.

6 SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT
7 ARE TOO BIG TO FAIL.

8 Notwithstanding any other provision of law. not later
9 than 90 days after the date of enactment of this Act, the
10 Secretary of the Treasury shall submit to Congress a list 2
GRA13102 S.L.C.
1 of all commercial banks, investment banks, hedge funds,
2 and insurance companies that the Secretary believes are
3 too big to fail, which shall include, but is not limited to,
4 any United States bank holding companies that have been
5 identified as systemically important banks by the Finan-
6 cial Stability Board (in this Act referred to as the ‘‘Too
7 Big to Fail List’’).

8 SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS.
9 Notwithstanding any other provision of law, begin-
10 ning 1 year after the date of enactment of this Act, the
11 Secretary of the Treasury shall break up entities included
12 on the Too Big To Fail List, so that their failure would
13 no longer cause a catastrophic effect on the United States
14 or global economy without a taxpayer bailout.

15 SEC. 4. DEFINITION.
16 For purposes of this Act, the term ‘‘Too Big to Fail’’
17 means any entity that has grown so large that its failure
18 would have a catastrophic effect on the stability of either
19 the financial system or the United States economy without
20 substantial Government assistance.


http://www.sanders.senate.gov/imo/media/doc/GRA13102.pdf

Pssst...pass it on.

The bill needs to be introduced and given a number, still.

btw..did y'all see Bernie on Real Time last week? He was absolutely steaming mad ....
35 replies = new reply since forum marked as read
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Look at Bernie Sanders' "little" bill to break up TBTF banks....30 lines long. (Original Post) dixiegrrrrl Apr 2013 OP
K&R deutsey Apr 2013 #1
Elegant simplicity Armstead Apr 2013 #2
Unfortunately 'Too Small to Pass'................ bowens43 Apr 2013 #3
The public reaction to the bill is the point, I think. dixiegrrrrl Apr 2013 #4
Good one! merrily Apr 2013 #17
how true MichaelSoE Apr 2013 #32
du rec. nt xchrom Apr 2013 #5
Thanks for the post.. russspeakeasy Apr 2013 #6
Kick! nt raouldukelives Apr 2013 #7
K&R forestpath Apr 2013 #8
Love Bernie! PA Democrat Apr 2013 #9
This message was self-deleted by its author guyton Apr 2013 #10
Rep. Brad Sherman (D-CA) will introduce companion legislation in the House!!!!!!! dixiegrrrrl Apr 2013 #11
with ya! oldandhappy Apr 2013 #15
K/R (nt) NYC_SKP Apr 2013 #12
If only... 99Forever Apr 2013 #13
For whatever reason, he refused to run. merrily Apr 2013 #18
Fantastic!! oldandhappy Apr 2013 #14
I wonder if the rich tax benefits would fall into this category of to rich to fail? midnight Apr 2013 #16
imo, the definition of 'too big to fail' is too vague. it's a start tho'. eom ellenfl Apr 2013 #19
K & R JimDandy Apr 2013 #20
And NO AMENDMENTS Canuckistanian Apr 2013 #21
K&R n/t myrna minx Apr 2013 #22
K&R! gateley Apr 2013 #23
You know, why does it always fall on Bernie? WTF is the matter with our other Dem reps? gateley Apr 2013 #24
uhhh..I think we know by now the answer to that question. dixiegrrrrl Apr 2013 #25
Dem reps... Dryvinwhileblind Apr 2013 #26
We need more Socialist Democrats, then. :-) gateley Apr 2013 #27
^^^^^^^^^People^^^^^^^^^ Dryvinwhileblind Apr 2013 #28
Too small to prosper? The bill I mean. Unlike the banks. Tierra_y_Libertad Apr 2013 #29
It's a shot across the bow sort of thing. dixiegrrrrl Apr 2013 #30
I'm waiting for the 3rd Way types to tell us that all the banks will move overseas. Tierra_y_Libertad Apr 2013 #31
I think all they have to do is move their headquarters overseas like Halliburton did. nm rhett o rick Apr 2013 #33
Impressive little document. Thank you Bernie! nt Jasana Apr 2013 #34
Our "Serious" journalists need to bring up bills like this Babel_17 Apr 2013 #35

dixiegrrrrl

(60,010 posts)
4. The public reaction to the bill is the point, I think.
Wed Apr 10, 2013, 08:48 AM
Apr 2013

Hopefully, pressure on the Congress members will follow.


MichaelSoE

(1,576 posts)
32. how true
Wed Apr 10, 2013, 04:39 PM
Apr 2013

they'd need to be huge ... with so much language they'd be able to drive through loopholes

PA Democrat

(13,225 posts)
9. Love Bernie!
Wed Apr 10, 2013, 09:57 AM
Apr 2013

I think that the less lobbyists have their greedy little hands in the writing of legislation, the less complex and convoluted the bill.

And yes he was superb on Real Time.

Response to dixiegrrrrl (Original post)

dixiegrrrrl

(60,010 posts)
11. Rep. Brad Sherman (D-CA) will introduce companion legislation in the House!!!!!!!
Wed Apr 10, 2013, 10:40 AM
Apr 2013

, so that the pressure will be felt in both legislative bodies.
Pressure is what this legislative initiative is all about.
It is important that a message is sent to those who view themselves as above the law.

http://www.politicususa.com/bernie-sanders-introduces-bill-lead-jail-big-fail.html

( I am not familar with the linked site, was following Google story)

99Forever

(14,524 posts)
13. If only...
Wed Apr 10, 2013, 11:30 AM
Apr 2013

... we were calling him, President Sanders. Just think of how much better off we ALL would be.

oldandhappy

(6,719 posts)
14. Fantastic!!
Wed Apr 10, 2013, 11:46 AM
Apr 2013

Amazing what can be done when we simply say what needs to be said -- without the help of lawyers and lobbyists. Recently did a trust with a legal documents person. Much easier than with a lawyer.

Thank you for this post.

dixiegrrrrl

(60,010 posts)
30. It's a shot across the bow sort of thing.
Wed Apr 10, 2013, 03:41 PM
Apr 2013

Seeing as it has no consequences mentioned for violaters.
But methinks Bernie has a good nose for timing.

 

Tierra_y_Libertad

(50,414 posts)
31. I'm waiting for the 3rd Way types to tell us that all the banks will move overseas.
Wed Apr 10, 2013, 03:47 PM
Apr 2013

And, think of the children of the bankers! And, the nannies! And, the people who wash their cars, polish their shoes, and clean their toilets! It's heartrending.

Babel_17

(5,400 posts)
35. Our "Serious" journalists need to bring up bills like this
Thu Apr 11, 2013, 04:21 AM
Apr 2013

Politicians should not be allowed to avoid tough, pointed, questions.

"The news" has to be more than a business. If it isn't, it inevitably influenced by those with propaganda to sell.

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