leftward drift
February 18, 2020

Former New York City Mayor Michael Bloomberg is apparently letting the progressives get to him.

The billionaire and 2020 candidate is set to unveil his plan for regulating the financial industry on Tuesday, and as The New York Times reports, it "features ideas that wouldn't be out of place" for 2020 candidates Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.). Diverging from his past criticism of Wall Street regulation, Bloomberg will propose tighter oversight rules that touch on hot-button topics such as student loans, per the Times.

In his Tuesday announcement, Bloomberg will propose a financial transactions tax of 0.1 percent, as well as create a Justice Department team devoted to corporate crime, the Times reports. That tax plan is "remarkable similar" to one that Rep. Alexandria Ocasio-Cortez (D-N.Y.) has co-sponsored, the Times writes. Bloomberg also calls for strengthening the Consumer Financial Protection Bureau, which Warren established during former President Barack Obama's administration, by "expanding its jurisdiction to include auto lending and credit reporting."

Bloomberg's plan stops far short of Sanders and Warren's pledges to cancel student loan debt, but does suggest putting student loan borrowers "into income-based repayment schemes and capping payments," per the Times. There's no sign of Sanders and Warren's pledges to break up big banks, or Warren's call for totally "transforming the private equity industry."

Read more about the plan at The New York Times. Kathryn Krawczyk

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