Bernie Sanders on Wednesday introduced legislation to break up the nation’s biggest banks in order to safeguard the economy and prevent another costly taxpayer bailout. Rep. Brad Sherman proposed a companion bill in the House.
“No single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” Sanders said. “If an institution is too big to fail, it is too big to exist.”
The biggest banks in the United States are now 80 percent bigger than they were one year before the financial crisis in 2008 when the Federal Reserve provided $16 trillion in near zero-interest loans and Congress approved a $700 billion taxpayer bailout. Read More