US Senator Bernie Sanders has been in the news lately for his role in getting a ‘pay increase‘ for Amazon workers. But his new proposal takes aim at Wall Street bootlicking in Washington, and it would have far-reaching effects on both the US and global economy.
Ending Wall Street’s “free insurance policy” to prevent “catastrophic risk to millions”
On 4 October, Sanders introduced legislation to the US Congress that would break up the country’s largest financial institutions. The proposed law would prohibit them from “holding assets, derivatives and other forms of borrowing worth more than 3 percent of the entire U.S. economy”. Today, that would mean a cap of around $584bn.