Bernie Sanders unveils bill to break up 'too big to fail' banks

Bernie Sanders
(Image credit: Win McNamee/Getty Images)

Vermont Sen. Bernie Sanders (I) on Wednesday proposed legislation that would dismantle behemoth banks, a move that could pressure Hillary Clinton to ratchet up her populist rhetoric as the White House race gets underway.

Entitled the "Too Big To Fail, Too Big To Exist Act," the bill would require federal regulators to draw up a list of banks whose collapses would devastate the entire economy. The Treasury would then have one year to break up those institutions. In a statement, Sanders said the list would initially include at least eight banks — including Bank of America and JPMorgan Chase — and possibly more.

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Jon Terbush

Jon Terbush is an associate editor at TheWeek.com covering politics, sports, and other things he finds interesting. He has previously written for Talking Points Memo, Raw Story, and Business Insider.