by Ali Meyer, CNSnews:
Sen. Bernie Sanders (I-Vt.) unveiled legislation at a Capitol Hill news conference Wednesday that would break up any ‘too big to fail’ institutions and reorganize them to avoid taxpayer bailouts.
“If an institution is too big to fail, it is too big to exist,” said Sanders in explaining the legislation that he introduced Wednesday along with Rep. Brad Sherman (D-Cal.), which is titled the “Too Big to Fail, Too Big to Exist Act.”
“The bill I am introducing today with Congressman Brad Sherman would require regulators of the Financial Stability Oversight Council to establish a too big to fail list of financial institutions and other huge entities whose failure would pose a catastrophic risk on the United States economy without a taxpayer bailout,” said the senator.
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