After A Big Win Over Amazon, Bernie Sets His Sights On Big Banks

Discussion in 'Politics & Religion' started by Frank Underwood, Oct 4, 2018.

  1. Frank Underwood

    Frank Underwood Soap Chat TV Fanatic

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    Bernie Sanders notched a progressive victory Tuesday by playing a role in securing a $15 minimum wage for all Amazon employees. Now the Vermont senator is turning his attention to another American powerhouse: the financial sector.

    “Any financial institution that's too big to fail is too big to exist,” the Vermont senator said in a video announcing new legislation to take out JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo. “It's time to break up the big banks. Today, I'm introducing legislation to do just that.”

    Rep. Brad Sherman, a California Democrat, is co-sponsoring the bill. The legislation, if passed, would require the breakup of any company that has a total exposure that is beyond 3 percent of the U.S.’s GDP. It would split up six banks (JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman and Morgan Stanley) and four other companies (Berkshire Hathaway, Prudential Financial, MetLife and American International Group).

    “I worry very much that in our nation today we are moving toward an oligarchic form of society where a small number of very wealthy individuals and large corporations have enormous control over our economic and political life,” Sanders said.

    Read: Jeff Bezos just caved to activists and Bernie Sanders and raised Amazon's minimum wage to $15

    Sanders, an independent, and other prominent progressives on the left have criticized Democrats for their weak policy on financial institutions. Former President Barack Obama has long been criticized for going easy on big banks in the wake of the 2008 financial crisis. No big bank executives, for example, served jail time for their roles in the financial crisis.

    Though the move is sure to rally Bernie’s base, it remains largely symbolic for now: Republicans control Congress, and President Donald Trump has shown little interest in going after big banks or the financial industry in general. In fact, he’s gone the other way, loosening regulations on financial institutions that were implemented following the 2008 crisis.

    Rumor has it that Sanders, who currently ranks as the most popular U.S. senator, is mulling a 2020 presidential bid, after failing to secure the Democratic nomination in the 2016 primary against Hillary Clinton.

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  2. Frank Underwood

    Frank Underwood Soap Chat TV Fanatic

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    Senate Democrats who voted for the banking deregulation bill took more than 4 times as much money from banks than Democrats who voted against it

    The Senate Democratic caucus was divided 17–31 yesterday on a vote to undo parts of the Dodd-Frank Act and allow big banks to take on more risk and operate with less regulatory oversight.

    Pundits have speculated about why the Democrats were split, arguing that it was rural states vs. ones with major urban centers, or “safe” seats vs. “toss-ups,” or more simply a matter of progressives vs. centrists. But a review of campaign finance records suggests the strongest correlation may be which senators have received big donations from the banks recently and which haven’t.

    The Democrats who voted for the bill have received, on average, $55,667 from commercial banks during the current election cycle, while the Democrats who voted against it received, on average, $13,007. That’s nearly 4.3 times as much money.

    Here’s the full list of Senate Democrats (including Independents who caucus with the Democrats), how they voted on the bill, and how much money they have received from the banking industry this cycle:

    Voted YES:

    • Heitkamp, Heidi (D-ND) — $157,354
    • Donnelly, Joe (D-IN) — $140,360
    • Tester, Jon (D-MT) — $131,662
    • McCaskill, Claire (D-MO) — $85,911
    • Stabenow, Debbie (D-MI) — $82,947
    • Jones, Doug (D-AL) — $82,294
    • Kaine, Tim (D-VA) — $70,931
    • Warner, Mark (D-VA) — $48,773
    • Nelson, Bill (D-FL) — $36,163
    • Manchin, Joe (D-WV) — $35,161
    • Carper, Tom (D-DE) — $33,155
    • Peters, Gary (D-MI) — $16,535
    • King, Angus (I-ME) — $9,500
    • Coons, Chris (D-DE) — $7,500
    • Bennet, Michael F (D-CO) — $5,703
    • Hassan, Maggie (D-NH) — $2,021
    • Shaheen, Jeanne (D-NH) — $376
    Voted NO:

    • Murphy, Christopher S (D-CT) — $77,987
    • Brown, Sherrod (D-OH) — $68,817
    • Gillibrand, Kirsten (D-NY) — $66,150
    • Casey, Bob (D-PA) — $40,586
    • Klobuchar, Amy (D-MN) — $26,276
    • Feinstein, Dianne (D-CA) — $23,701
    • Baldwin, Tammy (D-WI) — $17,585
    • Menendez, Robert (D-NJ) — $12,920
    • Reed, Jack (D-RI) — $12,125
    • Whitehouse, Sheldon (D-RI) — $7,855
    • Warren, Elizabeth (D-MA) — $6,586
    • Cardin, Ben (D-MD) — $6,000
    • Schumer, Charles E (D-NY) — $5,623
    • Hirono, Mazie K (D-HI) — $5,306
    • Cantwell, Maria (D-WA) — $5,081
    • Booker, Cory (D-NJ) — $4,546
    • Duckworth, Tammy (D-IL) — $3,035
    • Harris, Kamala D (D-CA) — $2,995
    • Markey, Ed (D-MA) — $2,954
    • Sanders, Bernie (I-VT) — $2,796
    • Masto, Catherine Cortez (D-NV) — $1,295
    • Durbin, Dick (D-IL) — $1,196
    • Murray, Patty (D-WA) — $636
    • Merkley, Jeff (D-OR) — $581
    • Wyden, Ron (D-OR) — $309
    • Blumenthal, Richard (D-CT) — $143
    • Udall, Tom (D-NM) — $130
    • Leahy, Pat (D-VT) — $0
    • Schatz, Brian (D-HI) — $0
    • Smith, Tina (D-MN) — $0
    • Van Hollen, Chris (D-MD) — $0

    Did not vote:

    • Heinrich, Martin (D-NM) — $22,888
    These figure were calculated using campaign contributions data from the Center for Responsive Politics.


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