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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