Daniel Indiviglio: Hillary Clinton lands soft punches on Wall Street
Daniel Indiviglio: Hillary Clinton lands soft punches on Wall Street
Hillary Clinton’s proposals for reforming Wall Street land little more than soft punches. The White House hopeful has unveiled a slew of ideas for reigning in financial excess. Initiatives like imposing risk fees on big banks and improving hedge fund reporting won’t win many friends in the industry.
The former secretary of state has never had a reputation for being a serious foe to the financial industry. Bernie Sanders, her increasingly popular rival for the Democratic Party’s presidential nomination, on the other hand, does. So she needs some popular-sounding pitches to convince Democratic voters that she can sock it to bankers and traders, too.
This is all a far cry from more aggressive measures others have called for. Sanders, for example, wants to force banks and investment banks apart by reinstating the Glass-Steagall Act. He also plans a broader financial-transactions tax. Such measures would hurt the industry far more than Clinton’s. Hers are more manageable blows that Wall Street would be able to roll with.
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