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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why are people microdosing Ozempic?In The Spotlight Tiny doses of the weight-loss drug can sidestep its unpleasant side effects, say influencers. But is customising the dose a good idea?
-
Five festive cocktails for Christmas 2024The Week Recommends Serve seasonal cocktails for an extra special gathering
-
Octopuses could be the next big species after humansUNDER THE RADAR What has eight arms, a beaked mouth, and is poised to take over the planet when we're all gone?
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
