Bernie Sanders’ can Break Up the Big Banks with existing law!

Just yesterday how many DUers said this couldn't be done?


Specifically, he wants to use Section 121 of the Dodd-Frank Act, which gives regulators the power to break apart large financial institutions they think pose a “grave threat to the financial stability of the United States.”


http://www.dodd-frank-act.us/Dodd_Frank_Act_Text_Section_121.html

The Text of the Dodd-Frank Act
International Association of Risk and Compliance Professionals (IARCP)

Dodd Frank Act Section 121
SEC. 121. MITIGATION OF RISKS TO FINANCIAL STABILITY.

(a) MITIGATORY ACTIONS.—If the Board of Governors determines that a bank holding company with total consolidated assets of $50,000,000,000 or more, or a nonbank financial company supervised by the Board of Governors, poses a grave threat to the financial stability of the United States, the Board of Governors, upon an affirmative vote of not fewer than 2?3 of the voting members of the Council then serving, shall—

(1) limit the ability of the company to merge with, acquire, consolidate with, or otherwise become affiliated with another company;

(2) restrict the ability of the company to offer a financial product or products;

(3) require the company to terminate one or more activities;

(4) impose conditions on the manner in which the company conducts 1 or more activities; or

(5) if the Board of Governors determines that the actions described in paragraphs (1) through (4) are inadequate to mitigate a threat to the financial stability of the United States in its recommendation, require the company to sell or otherwise transfer assets or off-balance-sheet items to unaffiliated entities.