“Greed is not good. In fact, the greed of Wall Street and corporate America is destroying the fabric of our nation. And, here is a New Year’s Resolution that I will keep if elected president. If you do not end your greed, we will end it for you.”
These are just a few of the strongly-worded statements from presidential candidate Bernie Sanders’ speech on Tuesday (January 5), in which he reiterated his platform of sweeping financial reforms.
In his speech, Sanders said that he will address “institutionalized greed” by breaking up institutions that, should they fail, would send shockwaves through the economy without a bailout footed by taxpayers.
Sanders said that to this end, he plans to invoke Section 121 of the Dodd-Frank Act, which would impose severe limitations and conditions on banks and other financial entities that pose a serious threat to the continued financial well-being of the U.S. economy.
Sanders added that his administration would introduce legislation which would draw clear dividing lines between insurance services, investment banking, and commercial banking, thus preventing mega-banks and other large-scale organizations from hijacking and monopolizing these functions.
Sanders said that these steps reflect the larger ethos of his whole campaign, which is to create a more equitable wealth structure in American society.
“We need to structurally reform the Federal Reserve to make it a more democratic institution responsive to the needs of ordinary Americans, not just the billionaires on Wall Street,” Sanders said.
“We will no longer tolerate an economy and a political system that has been rigged by Wall Street to benefit the wealthiest Americans in this country at the expense of everyone else,” Sanders added. “Yes, we can make our economy work for all Americans, not just a handful of wealthy speculators. And, now more than ever, that is exactly what we must do.”
2016 presidential candidate Bernard “Bernie” Sanders vows an end to what he called the greed of financial institutions like overly massive commercial banks, insurance companies, and shadow banks.