{"id":9840,"date":"2018-10-04T11:33:39","date_gmt":"2018-10-04T18:33:39","guid":{"rendered":"http:\/\/occupysf.net\/?p=9840"},"modified":"2018-10-04T11:33:39","modified_gmt":"2018-10-04T18:33:39","slug":"too-big-to-fail-too-big-to-exist-sanders-introduces-bill-to-break-up-nations-largest-wall-street-banks","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2018\/10\/04\/too-big-to-fail-too-big-to-exist-sanders-introduces-bill-to-break-up-nations-largest-wall-street-banks\/","title":{"rendered":"&#8216;Too Big to Fail, Too Big to Exist&#8217;: Sanders Introduces Bill to Break Up Nation&#8217;s Largest Wall Street Banks"},"content":{"rendered":"<div id=\"field-wrapper-attribution\" class=\"field-wrapper content-container clearfix inline-fields\">\n<div class=\"field field--name-field-article-date field--type-datestamp field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\"><span class=\"pb-timestamp\"><span class=\"date-display-single\">October 03, 2018\u00a0<\/span><\/span>by <a href=\"https:\/\/www.commondreams.org\/\" target=\"_blank\" rel=\"noopener\">Common Dreams<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-subtitle field--type-text-long field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<div>\n<h4>&#8220;We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of &#8216;too big to fail.'&#8221;<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"field-wrapper-authors\" class=\"field-wrapper content-container clearfix inline-fields\">\n<div class=\"grouping-prefix\">by\u00a0<span class=\"pb-byline\"><a href=\"https:\/\/www.commondreams.org\/author\/jake-johnson-staff-writer\" target=\"_blank\" rel=\"noopener\">Jake Johnson, staff writer<\/a><\/span><\/div>\n<\/div>\n<div id=\"shr_canvas2\" class=\"shareaholic-canvas shareaholic-ui shareaholic-resolved-canvas ng-scope\" data-app-id=\"6840204\" data-app-id-name=\"headline_above_content\" data-app=\"share_buttons\" data-title=\"'Too Big to Fail, Too Big to Exist': Sanders Introduces Bill to Break Up Nation's Largest Wall Street Banks\" data-link=\"https:\/\/www.commondreams.org\/news\/2018\/10\/03\/too-big-fail-too-big-exist-sanders-introduces-bill-break-nations-largest-wall-street\" data-summary=\"\">\n<div class=\"ng-scope shareaholic-share_buttons\" translate=\"no\">\n<div class=\"shareaholic-share-buttons-container shareaholic-ui shr-no-print shareaholic-flat shareaholic- shareaholic-block shareaholic-horizontal shareaholic-mini\">\n<div class=\"shareaholic-share-buttons-wrapper shareaholic-ui\">\n<div class=\"shareaholic-share-buttons-animation-wrapper\">\n<div class=\"shareaholic-share-buttons-heading shareaholic-custom\">\n<div>\n<div class=\"ng-scope\"><\/div>\n<\/div>\n<\/div>\n<div class=\"shareaholic-share-button-container\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-article-img field--type-image field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<div><img decoding=\"async\" loading=\"lazy\" class=\"caption-processed\" src=\"https:\/\/www.commondreams.org\/sites\/default\/files\/styles\/cd_large\/public\/headlines\/gettyimages-930901741.jpg?itok=ZdJRfm7I\" alt=\"\" width=\"955\" height=\"500\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"field field--name-field-main-caption field--type-text-long field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<p><em>Activists protest in front of the DC office of Goldman Sachs November 16, 2009 in Washington, D.C. (Photo: Alex Wong\/Getty Images)<\/em><\/p>\n<p>With Wall Street banks as big and profitable as ever\u00a0<a href=\"https:\/\/www.commondreams.org\/news\/2018\/09\/14\/10th-anniversary-wall-street-crash-warren-says-break-banks-and-jail-bankers\">ten years after<\/a>\u00a0their reckless criminality sparked the worst financial crisis since the Great Depression, Sen. Bernie Sanders (I-Vt.)\u00a0<a href=\"https:\/\/www.sanders.senate.gov\/newsroom\/press-releases\/sanders-sherman-introduce-legislation-to-break-up-too-big-to-fail-financial-institutions\">introduced legislation<\/a>\u00a0on Wednesday that would break up Goldman Sachs, JPMorgan Chase, Citigroup, and other so-called &#8220;too big to fail&#8221; financial institutions that pose a major systemic risk to the American economy.<\/p>\n<p class=\"pullquote\">&#8220;No financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation&#8217;s economic well being.&#8221;<br \/>\n\u2014Sen. Bernie Sanders<\/p>\n<p>&#8220;No financial institution should be so large that its failure would cause catastrophic risk to millions of Americans or to our nation&#8217;s economic well being,&#8221; Sanders said in a\u00a0<a href=\"https:\/\/www.sanders.senate.gov\/newsroom\/press-releases\/sanders-sherman-introduce-legislation-to-break-up-too-big-to-fail-financial-institutions\">statement<\/a>. &#8220;We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of &#8216;too big to fail.'&#8221;<\/p>\n<p>Titled &#8220;The Too Big to Fail, Too Big to Exist Act,&#8221; Sanders&#8217; legislation would break up any bank that has a total exposure of more than three percent of the nation&#8217;s gross domestic product (GDP)\u2014the equivalent to $584.5 billion in today&#8217;s dollars.<\/p>\n<p>If passed, Sanders&#8217; bill would break up of America&#8217;s six largest financial institutions\u2014JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley\u2014as well as massive non-bank financial corporations like AIG and Prudential.<\/p>\n<p>&#8220;These six major financial institutions have over $10 trillion in assets, equivalent to 54 percent of our entire GDP and have a combined total exposure that exceeds 68 percent of our nation&#8217;s GDP,&#8221; according to a summary of the new legislation released by Sanders&#8217; office.<\/p>\n<p>In a Facebook Live video on Wednesday, Sanders discussed the details of the new legislation with Rep. Brad Sherman (D-Calif.)\u2014who is planning to introduce a companion bill in the House\u2014and economist Simon Johnson, who joined a\u00a0<a href=\"https:\/\/www.sanders.senate.gov\/newsroom\/press-releases\/sanders-sherman-introduce-legislation-to-break-up-too-big-to-fail-financial-institutions\">large group<\/a>of financial experts, consumer advocacy groups, and labor unions in endorsing the Vermont senator&#8217;s bill:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.facebook.com\/plugins\/video.php?href=https%3A%2F%2Fwww.facebook.com%2Fsenatorsanders%2Fvideos%2F189328311961376%2F&amp;show_text=0&amp;width=560\" width=\"640\" height=\"360\" frameborder=\"0\" scrolling=\"no\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>&#8220;The new Too Big to Fail, Too Big to Exist proposed legislation from Senator Bernie Sanders is short and to the point,&#8221; Johnson said in a statement on Wednesday. &#8220;The largest banks and other highly leveraged financial institutions are simply too big\u2014and pose a real danger to our continued economic recovery.\u00a0 Make them break up into smaller pieces, bringing more competition, better service and lower risks for the American economy.&#8221;<\/p>\n<p>\u201cToo big to fail should be too big to exist,&#8221; Rep. Sherman concluded. &#8220;Never again should a financial institution be able to demand a federal bailout.&#8221;<\/p>\n<p><em>This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>October 03, 2018\u00a0by Common Dreams &#8220;We must end, once and for all, the scheme that is nothing more than a free insurance policy for Wall Street: the policy of &#8216;too big to fail.&#8217;&#8221; by\u00a0Jake Johnson, staff writer Activists protest in front of the DC office of Goldman Sachs November 16,&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2018\/10\/04\/too-big-to-fail-too-big-to-exist-sanders-introduces-bill-to-break-up-nations-largest-wall-street-banks\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/9840"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=9840"}],"version-history":[{"count":1,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/9840\/revisions"}],"predecessor-version":[{"id":9841,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/9840\/revisions\/9841"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=9840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=9840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=9840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}