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WASHINGTON - With the Senate slated soon to begin debate on
a financial overhaul bill, Sen. Bernie Sanders (I-Vt.) said today that
reform legislation must fundamentally change the way that Wall Street
works.
"Disgust
at Wall Street is profound. The American people want us to change in a very
profound way how Wall Street functions, and Congress must deliver,"
said Sanders.
WASHINGTON - With the Senate slated soon to begin debate on
a financial overhaul bill, Sen. Bernie Sanders (I-Vt.) said today that
reform legislation must fundamentally change the way that Wall Street
works.
"Disgust
at Wall Street is profound. The American people want us to change in a very
profound way how Wall Street functions, and Congress must deliver,"
said Sanders.
He
said real reform should include a credit card interest cap, similar to
legislation sponsored by Sanders and endorsed last week by hundreds of
religious leaders and community organizations from across the country. The
Senate bill also must lift the secrecy at the Federal Reserve, which has
refused to divulge which financial institutions received more than $2
trillion in loans. There are now 32 cosponsors of a Sanders bill demanding
greater openness at the Fed.
Real
financial reform also must break up big banks to eliminate monopoly-like
ownership concentrations and to keep any single failing financial institution
from dragging the economy down with it. The concept behind legislation
Sanders first introduced last Nov. 5 has drawn support from progressives and
conservatives alike, including three Federal Reserve bank presidents. The
financial reform bill also must steer Wall Street toward investments in
job-creating businesses and away from esoteric financial instruments, he
said.
Sanders
said he would offer or back amendments to the financial reform bill that
would:
Sanders
said it is clear that it will not be easy for Congress to pass real and
meaningful financial reform. When Wall Street and the financial sector
successfully fought for deregulation, they poured some $5 billion dollars
into lobbying and campaign contributions over a 10-year period. Now, as
Congress begins to address financial reform, they are at it again. In
2009, the major financial interests spent $300 million in lobbying and
campaign contributions.
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WASHINGTON - With the Senate slated soon to begin debate on
a financial overhaul bill, Sen. Bernie Sanders (I-Vt.) said today that
reform legislation must fundamentally change the way that Wall Street
works.
"Disgust
at Wall Street is profound. The American people want us to change in a very
profound way how Wall Street functions, and Congress must deliver,"
said Sanders.
He
said real reform should include a credit card interest cap, similar to
legislation sponsored by Sanders and endorsed last week by hundreds of
religious leaders and community organizations from across the country. The
Senate bill also must lift the secrecy at the Federal Reserve, which has
refused to divulge which financial institutions received more than $2
trillion in loans. There are now 32 cosponsors of a Sanders bill demanding
greater openness at the Fed.
Real
financial reform also must break up big banks to eliminate monopoly-like
ownership concentrations and to keep any single failing financial institution
from dragging the economy down with it. The concept behind legislation
Sanders first introduced last Nov. 5 has drawn support from progressives and
conservatives alike, including three Federal Reserve bank presidents. The
financial reform bill also must steer Wall Street toward investments in
job-creating businesses and away from esoteric financial instruments, he
said.
Sanders
said he would offer or back amendments to the financial reform bill that
would:
Sanders
said it is clear that it will not be easy for Congress to pass real and
meaningful financial reform. When Wall Street and the financial sector
successfully fought for deregulation, they poured some $5 billion dollars
into lobbying and campaign contributions over a 10-year period. Now, as
Congress begins to address financial reform, they are at it again. In
2009, the major financial interests spent $300 million in lobbying and
campaign contributions.
WASHINGTON - With the Senate slated soon to begin debate on
a financial overhaul bill, Sen. Bernie Sanders (I-Vt.) said today that
reform legislation must fundamentally change the way that Wall Street
works.
"Disgust
at Wall Street is profound. The American people want us to change in a very
profound way how Wall Street functions, and Congress must deliver,"
said Sanders.
He
said real reform should include a credit card interest cap, similar to
legislation sponsored by Sanders and endorsed last week by hundreds of
religious leaders and community organizations from across the country. The
Senate bill also must lift the secrecy at the Federal Reserve, which has
refused to divulge which financial institutions received more than $2
trillion in loans. There are now 32 cosponsors of a Sanders bill demanding
greater openness at the Fed.
Real
financial reform also must break up big banks to eliminate monopoly-like
ownership concentrations and to keep any single failing financial institution
from dragging the economy down with it. The concept behind legislation
Sanders first introduced last Nov. 5 has drawn support from progressives and
conservatives alike, including three Federal Reserve bank presidents. The
financial reform bill also must steer Wall Street toward investments in
job-creating businesses and away from esoteric financial instruments, he
said.
Sanders
said he would offer or back amendments to the financial reform bill that
would:
Sanders
said it is clear that it will not be easy for Congress to pass real and
meaningful financial reform. When Wall Street and the financial sector
successfully fought for deregulation, they poured some $5 billion dollars
into lobbying and campaign contributions over a 10-year period. Now, as
Congress begins to address financial reform, they are at it again. In
2009, the major financial interests spent $300 million in lobbying and
campaign contributions.