Issues

Reforming Wall Street

Wall Street cannot continue to be an island unto itself, gambling trillions in risky financial decisions while expecting the public to bail it out.

It is time to break up the largest financial institutions in the country.

The six largest financial institutions in this country today hold assets equal to about 60% of the nation’s gross domestic product. These six banks issue more than two-thirds of all credit cards and over 35% of all mortgages. They control 95% of all derivatives and hold more than 40% of all bank deposits in the United States.

We must break up too-big-to-fail financial institutions. Those institutions received a $700 billion bailout from the US taxpayer, and more than $16 trillion in virtually zero interest loans from the Federal Reserve. Despite that, financial institutions made over $152 billion in profit in 2014 – the most profitable year on record, and three of the four largest financial institutions are 80% bigger today than they were before we bailed them out. ‎

Our banking system must be part of the productive, job-creating economy. The Federal Reserve, a government entity which serves as the engine of the banking industry, must eliminate its internal conflicts of interest, provide stricter oversight, and insist that the banks serve the economy in a way that works for everyone, not just a few.

If a bank is too big to fail, it is too big to exist.

These institutions have acquired too much economic and political power, endangering our economy and our political process.

KEY ACTIONS