Credo Action

Stand with Sen. Sanders: Break up the big banks

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Petition to Congress:

"Support the new Too Big to Fail, Too Big to Exist legislation from Sen. Bernie Sanders and Rep. Brad Sherman to break up big Wall Street banks that are larger than ever."

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    Stand with Sen. Sanders: Break up the big banks

    Donald Trump got rich by scamming working people and getting bailouts from his father.1 So it's no surprise that he is friendly to Wall Street banks that operate essentially the same way.

    What is shocking is that some corporate Democrats have sided with Trump – helping Trump and Republicans erode rules to protect us from the fraud and schemes of big banks, even though those banks are 80 percent larger today than when they received bailouts 10 years ago.2 That is no way to win the trust of the American people.

    Sen. Bernie Sanders and Rep. Brad Sherman have shown what it looks like to offer a bold alternative to Trumpenomics with a new bill to break up the too big to fail banks, and we need to get behind it in a big way.

    Stand with Sen. Sanders: Break up the big banks.

    Ten years ago, Wall Street greed, speculation and outright criminal fraud nearly collapsed the global economy and shattered millions of lives. While countless people lost homes and livelihoods, the biggest banks quickly rebounded. Today, the six biggest banks control assets equivalent to half of America's GDP.3

    In just the past few years, large financial institutions have been caught rigging interest rates, manipulating foreign exchange rates, selling people misleading financial products, and facilitating tax evasion and money laundering.4 And Wells Fargo alone so blatantly and repeatedly violates the law that it should no longer exist.5

    Americans can tell the difference between banking that helps working people start businesses, create jobs and grow wages – and the kind of casino gambling that sucks money out of Main Street to pad the pockets of the richest banks. That is why we need to show that progressives stand against Trump Republicans and corporate Democrats with bold plans to rein in Wall Street.

    Stand with Sen. Sanders: Break up the big banks.

    The new legislation would limit the size of megabanks to 3 percent of GDP – at a time when many are far bigger – and give banks two years to restructure or have regulators do it for them. The plan would break up the likes of Wells Fargo, JPMorgan, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and insurance companies MetLife and Prudential Financial.6

    It wasn’t long ago that trust-busting and breaking up monopolies was considered common sense. We broke up the telecom giants as recently as the 1980’s. Ten years after the crash, there is even less excuse for inaction. It's long past time for Congress to get serious about breaking up the big banks.

    Stand with Sen. Sanders: Break up the big banks.

    Thank you for speaking out.

    References:

    1. David Barstow, Susanne Craig and Ross Buettner, "Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father," The New York Times, Oct. 2, 2018.
    2. Jeff Stein, "Sanders to launch new plan to break up Wall Street giants, including Goldman Sachs and JP Morgan," The Washington Post, Oct. 3, 2018.
    3. Ibid.
    4. Dan Caplinger, "5 of the Biggest Bank Scandals of the Past 5 Years," Motley Fool, Sept. 28, 2018.
    5. Zach Carter, "Why does Wells Fargo still exist?" HuffPost, Aug. 25, 2018.
    6. Stein, "Sanders to launch new plan to break up Wall Street giants, including Goldman Sachs and JP Morgan."