Bernie Sanders: Break Up Big Banks
on Sunday, December 14, 2014Bernie Sanders Money Quotation saying big banks wield too much control over Congress, so they must be divided into smaller banks. Bernie Sanders said:
“It is not Congress which regulates Wall Street, but Wall Street that regulates Congress. The Solution: The major Wall Street banks must be broken up, and I will introduce legislation to do that” — Bernie Sanders
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Bernie Sanders seems to be criticizing the influence of Wall Street on Congress and policymaking. He argues that rather than Congress regulating the financial industry, it is actually Wall Street that exerts control over Congress through lobbying and campaign donations. Sanders implies this undue influence has allowed major banks to grow much larger without facing real consequences.
His proposed solution is to introduce legislation that would break up these large banks in order to reduce their power and influence over government. Sanders appears to believe this type of structural reform is needed to restore proper oversight of Wall Street and ensure policy decisions are made in the public interest rather than to please powerful financial institutions.
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