Talk is cheap and easy. It's critical that talk is backed up with real in-depth, comprehensive plans

Martin O'Malley ?@MartinOMalley 3h3 hours ago
via @bettermarkets, “O’Malley details plan on Wall Street reform. All candidates should do the same.” http://omly.us/1MqFuSZ


As Better Markets has said, nothing has done more damage in generations to hardworking middle class families, our economy and our government finances than the 2008 financial crash and the more than $20 trillion in economic wreckage it caused all across the country. That’s why all candidates – Republicans and Democrats alike – should release specific, in-depth and comprehensive plans for how they’re going to protect Main Street and rein in Wall Street to prevent another devastating financial crash.

Former Maryland Governor Martin O'Malley has led the way, releasing a comprehensive policy plan earlier this month aimed at preventing a repeat of the 2008 financial crash. At an event this week hosted by the Washington Policy Institute, Mr. O’Malley continued laying out concrete plans on what he would do as President to protect Main Street from Wall Street’s recklessness. As a nonpartisan organization, this should not be misconstrued as an endorsement of Mr. O’Malley’s plan, which has many good, strong and necessary provisions, although we don’t agree with them all. It is, however, a fulsome endorsement of his actions in publicly proposing such a detailed plan.

Mr. O’Malley talked with former Representative Brad Miller (D-NC) today about the Dodd-Frank financial reform law and the need for Wall Street reform, including a call to hold individuals on Wall Street accountable for their wrongdoing, saying, “If you slap a bank robber on the wrist, he’s going to keep robbing banks. The same is true if he’s wearing a suit.” As we like to say, there should be one standard of justice from the suites to the streets. It’s a bedrock democratic principal: equal justice applied without fear or favor and that has to include the high and mighty on Wall Street.

Mr. O’Malley also highlighted former FDIC chair Sheila Bair’s latest must-read book The Bullies of Wall Street: This Is How Greed Messed Up Our Economy. Sheila knows what she is talking about: no one fought harder to protect the American people during that financial crisis than she did and her first book, Bull by the Horns, is a must read for anyone interested in understanding what happened during the 2008 financial crisis...

Voters of both parties support Wall Street reform. While many candidates running for President say they do as well, talk is cheap and easy. It is, therefore, critical that talk is backed up with real, in-depth, comprehensive and concrete policy proposals by all the Presidential candidates so that voters can hold them accountable when one of those candidates makes it to the White House. The American people support reform, and they deserve to know how every candidate is going to deliver it and prevent another Wall-Street caused financial crash.


read: http://www.bettermarkets.com/blog/gov-martin-omalley-details-plan-wall-street-reform-all-candidates-should-do-same

related:

Martin O'Malley's 10-Page Financial Plan: 'Protecting The American Dream From Another Wall St. Crash'
http://martinomalley.com/wp-content/uploads/2015/07/OMalley-Wall-Street-Reform.pdf

Martin O'Malley is the ONLY candidate to put out a detailed economic plan to deal with Wall Street excesses and abuses in this campaign.

...those strong words of his are backed up by a solid, detailed 10-page plan to 'Protect the American Dream From Another Wall St. Crash.' The plan proposes to:

•Ensure Key Political Appointees Are Independent of Wall Street
•Appoint to Key Positions—Attorney General, Assistant Attorney General for the Criminal Division, SEC Chair—Individuals Committed to Pursuing Criminal Cases.
•Require the SEC Director of the Division of Enforcement to be a Presidential Appointee, Subject to Senate Confirmation
•Institute a Three-Year Revolving Door Ban
•Institute an Additional Three-Year Mandatory Disclosure Rule
•Require the General Counsel at the Fed to be a Presidential Appointee
•Require the President of the New York Fed to be a Presidential Appointee
•Require the Board of Governors to Vote on All Major Decisions, Including Those Regarding Financial Reform
•Immediately Double Funding for CFTC and SEC to Police Bad Behavior on Wall St. (Double CFTC Funding from $322 million to $644 million. Double SEC Funding from $1.7 billion to $3.4 billion.)
•Create a Standalone Economic Crimes Division Within DOJ
•Implement Points Accrual System to Crack Down on Recidivist Banks
•End Days of “Neither Admit Nor Deny.” If an institution commits a major crime or violation of a law, they should be required to admit their guilt, so that they face the full ramifications of parallel civil and criminal proceedings
• Require Transparency Around Use of Deferred Prosecution Agreements (DPA’s) and Non Prosecution Agreements (NPA’S).
•Crack Down on SEC’s Use of Waivers By Requiring Public Votes, Statements on Them
•Separate Risky Investment Banking from Ordinary Commercial Banking
• Immediately Reinstate Glass-Steagall
•End “Too Big to Fail”
•Mandate Higher Capital Requirements for Big Banks
•Implement a Financial Transaction Tax to Limit High-Frequency Trading
•Create a Fiduciary Standard for Loan Brokers