Mike Bloomberg releases plan to rein in Wall Street

[brooklynite]

CNBC

Here are the priorities in Bloomberg’s Wall Street plan, according to a campaign press release:
* Strengthen reforms put in place following the Great Recession to regulate banks and protect consumers, including the Volcker Rule and Consumer Financial Protection Bureau.
* Restore funding to the Office of Financial Research that monitors bank riskiness.
* Enable the Department of Justice to put individuals in jail for “infractions.”
* Introduce a 0.1% financial transaction tax.

Bloomberg said as president he would toughen the Volcker rule, which limits banks’ proprietary trading, or trading stocks for their own gain. Merging mortgage giants Fannie Mae and Freddie Mac into a single entity, according to the proposal, would make the two institutions more efficient.

Bloomberg would “restore and strengthen” the Consumer Financial Protection Bureau to protect consumers,” after the agency has been weakened under President Donald Trump’s administration.

The call for increased oversight in some ways mirrors proposals from fellow presidential hopeful Sen. Elizabeth Warren, an advocate of the 2010 Dodd-Frank Act, who played a key roll in launching the CFPB. Warren has made financial reform a key part of her presidential platform, including a push to increase oversight of bank deals, a process she has called “fundamentally broken.”

[Wabbajack_]

1. Fox releases plan to guard hen house

[customerserviceguy]

2. Well put.

He's not going to screw over the people who made him filthy rich.

[ancianita]

3. Yup. Why settle for a "plan" when one candidate HAS already reined in Wall St. -- Elizabeth Warren.

[InAbLuEsTaTe]

10. Yes, gotta give Elizabeth credit for that!!

Bernie/Elizabeth or Elizabeth/Bernie 2020!!
Either way, they're stronger together & can't be bought!!
Jump on the Bernie Bandwagon & join the revolution!!

[jcmaine72]

8. .

[Devil Child]

15. Came here to post this!

[denem]

4. A 0.1% financial transaction tax is radical.

[alwaysinasnit]

5. Hmmm. I see no mention of restoring a modern day Glass-Steagall Act.

[Saviolo]

14. Conspicuous by its absence.

I noticed that, too.

[Tom Rinaldo]

6. Noted. If he wins the nomination I'll use this in arguments with those loath to support him

I will need all the ammunition I can get if it comes to that.

[MoonlitKnight]

7. Clearly trying to cut down Warren

I like the transaction tax. It’s fair, easy to collect and will raise a lot of money.

But Warren would be far better on these issues. And can we trust him to actually follow through?

[FoxNewsSucks]

12. That's my worry also.

He can say whatever he wants, but will he do it?

[Yo_Mama_Been_Loggin]

9. Waiting for Bernie Sanders to accuse Bloomberg of stealing his thunder

[FoxNewsSucks]

13. Well if worked for tRump,

he campaigned on "taxing the rich" "protecting social security" "jobs", and a number of positions of Sanders.

We knew MF45 was lying, but those popular positions fooled enough people in some states to steal the election.