When Bernie Sanders made big bank regulation the focus of his campaign platform, this point became the sharpest distinction between him and Democratic rival Hillary Clinton. Clinton has a long history of big bank support despite the strong evidence that these powerful special interests are hurting innovation, job growth and small businesses across America,
We had a law that was pretty effective in regulating big banks. It is called Glass-Steagall. We repealed it. We now know that repeal was a mistake that hurt our nation badly. We know that repeal of Glass-Steagal led to the 2008 economic meltdown. We know that we need to put Glass-Steagall bock in force.
Donald Trump correctly endorsed this position last night. Clinton’s opposition to banking reform appears to be only guided by the special interest group’s financial support.
I’ve recognized the danger of big bank greed and power since my early career work on Wall Street. Wall Street bankers don’t care about you and me. In fact they laugh at us. The only chance we have of keeping a fair fighting chance of economic success is to limit the bank’s business reach.
Here’s the main point: While many of the problems that our nation faces are complex and controversial, this one is not. This problem is both simple and easily fixed. The large majority of economists and business leaders agree that repeal of Glass-Steagall was a mistake. A simple Congressional vote to restore the law would have a tremendous positive impact on our economy. We need to get it done!
I support Donald Trump and Bernie Sanders’ plan to restore Glass Steagall. I oppose Hillary Clinton’s position of allowing big banks unrestricted access that allows them to control our nation’s entire financial structure.
For more, see this excellent article on why Glass-Steagall matters to you and me. Regardless of your political position on other issues, please recognize that your support of banking regulation is something that all of us can do to improve our economic future.