General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLook at Bernie Sanders' "little" bill to break up TBTF banks....30 lines long.
To address the concept of Too Big To Fail with respect to certain financial entities.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the Too Big to Fail, Too
5 Big to Exist Act.
6 SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT
7 ARE TOO BIG TO FAIL.
8 Notwithstanding any other provision of law. not later
9 than 90 days after the date of enactment of this Act, the
10 Secretary of the Treasury shall submit to Congress a list 2
GRA13102 S.L.C.
1 of all commercial banks, investment banks, hedge funds,
2 and insurance companies that the Secretary believes are
3 too big to fail, which shall include, but is not limited to,
4 any United States bank holding companies that have been
5 identified as systemically important banks by the Finan-
6 cial Stability Board (in this Act referred to as the Too
7 Big to Fail List).
8 SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS.
9 Notwithstanding any other provision of law, begin-
10 ning 1 year after the date of enactment of this Act, the
11 Secretary of the Treasury shall break up entities included
12 on the Too Big To Fail List, so that their failure would
13 no longer cause a catastrophic effect on the United States
14 or global economy without a taxpayer bailout.
15 SEC. 4. DEFINITION.
16 For purposes of this Act, the term Too Big to Fail
17 means any entity that has grown so large that its failure
18 would have a catastrophic effect on the stability of either
19 the financial system or the United States economy without
20 substantial Government assistance.
http://www.sanders.senate.gov/imo/media/doc/GRA13102.pdf
Pssst...pass it on.
The bill needs to be introduced and given a number, still.
btw..did y'all see Bernie on Real Time last week? He was absolutely steaming mad ....
deutsey
(20,166 posts)Armstead
(47,803 posts)We need more of that.
bowens43
(16,064 posts)dixiegrrrrl
(60,010 posts)Hopefully, pressure on the Congress members will follow.
merrily
(45,251 posts)Sad to say, also probably correct, as well as funny
MichaelSoE
(1,576 posts)they'd need to be huge ... with so much language they'd be able to drive through loopholes
xchrom
(108,903 posts)russspeakeasy
(6,539 posts)raouldukelives
(5,178 posts)forestpath
(3,102 posts)PA Democrat
(13,225 posts)I think that the less lobbyists have their greedy little hands in the writing of legislation, the less complex and convoluted the bill.
And yes he was superb on Real Time.
Response to dixiegrrrrl (Original post)
guyton This message was self-deleted by its author.
dixiegrrrrl
(60,010 posts), so that the pressure will be felt in both legislative bodies.
Pressure is what this legislative initiative is all about.
It is important that a message is sent to those who view themselves as above the law.
http://www.politicususa.com/bernie-sanders-introduces-bill-lead-jail-big-fail.html
( I am not familar with the linked site, was following Google story)
oldandhappy
(6,719 posts)NYC_SKP
(68,644 posts)99Forever
(14,524 posts)... we were calling him, President Sanders. Just think of how much better off we ALL would be.
merrily
(45,251 posts)oldandhappy
(6,719 posts)Amazing what can be done when we simply say what needs to be said -- without the help of lawyers and lobbyists. Recently did a trust with a legal documents person. Much easier than with a lawyer.
Thank you for this post.
midnight
(26,624 posts)ellenfl
(8,660 posts)JimDandy
(7,318 posts)Canuckistanian
(42,290 posts)It's perfect as it is.
myrna minx
(22,772 posts)gateley
(62,683 posts)gateley
(62,683 posts)dixiegrrrrl
(60,010 posts)Dryvinwhileblind
(153 posts)...ain't been dem reps since da bank took office.
gateley
(62,683 posts)Dryvinwhileblind
(153 posts)Tierra_y_Libertad
(50,414 posts)dixiegrrrrl
(60,010 posts)Seeing as it has no consequences mentioned for violaters.
But methinks Bernie has a good nose for timing.
Tierra_y_Libertad
(50,414 posts)And, think of the children of the bankers! And, the nannies! And, the people who wash their cars, polish their shoes, and clean their toilets! It's heartrending.
rhett o rick
(55,981 posts)Jasana
(490 posts)Babel_17
(5,400 posts)Politicians should not be allowed to avoid tough, pointed, questions.
"The news" has to be more than a business. If it isn't, it inevitably influenced by those with propaganda to sell.