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Sanders’s bill would bar financial institutions from holding assets, derivatives and other forms of borrowing worth more than 3 percent of the entire U.S. economy. That would cap their size at $584 billion in today’s dollars.

The legislation would force federal regulators to break up six different Wall Street firms — JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — as well as insurance giants such as Prudential Financial and MetLife. Collectively, the targeted firms hold more than $13 trillion in assets, according to Sanders aides.

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Sanders touts the plan as a way to prevent a repeat of the financial crisis of a decade ago, when banks on the edge of collapse were large enough that their failures would rock the fundamentals of the global financial system. In response, the federal government extended the banks massive loans, a move largely credited with blunting the crisis but that also gave government funding to wealthy individuals at a time when unemployment was soaring and thousands were losing their homes.

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“This legislation cuts to the heart of the matter, by putting a size cap on the largest highly leveraged firms. The size cap is simple, straightforward, and transparent,” said Simon Johnson, an economist at the Massachusetts Institute of Technology who served as chief economist of the International Monetary Fund and supports the bill. “This measure will bring us closer to full and fair competition in the financial system, where a few megabanks currently predominate.”

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https://www.washingtonpost.com/business/2018/10/03/sanders-launch-new-plan-break-up-wall-street-giants-including-goldman-sachs-jp-morgan/?utm_term=.549eadc281f0