Senator Sanders proposes legislation to break up large banks


US Senator Bernie Sanders, independent from Vermont, is known for his straightforward and unbiased positions.

His new legislative proposal is to break up big banks that are deemed "too big to fail." To quote Mr. Sanders: "if an institution is too big to fail, it is too big to exist. We should break them up so they are no longer in a position to bring down our entire economy."


The legislation gives US Treasury Secretary Geithner 90 days to list commercial and investment banks, hedge funds and insurance companies deemed "too big to fail."

Lawmakers are trying to end taxpayer bailouts of large banks. Their objective is to limit the size of the institutions that pose a threat to the financial system.

Sanders further stated that: "We should end the concentration or ownership that has resulted in just four large financial institutions holding half of the mortgages in America, controlling 2/3 of the credit cards, and amassing 40% of all deposits," citing Bank of American (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase & Company (NYSE: JPM) and Wells Fargo & Company (NYSE: WFC),

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Last updated: February 09, 2012: 06:23 PM

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