Sanders: Congress Must Make Real Changes on Wall Street

[IndianaGreen]

Published on Monday, April 19, 2010 by CommonDreams.org

Sanders: Congress Must Make Real Changes on Wall Street

Statement by Senator Bernie Sanders (I-VT)

WASHINGTON - With the Senate slated soon to begin debate on a financial overhaul bill, Sen. Bernie Sanders (I-Vt.) said today that reform legislation must fundamentally change the way that Wall Street works.

"Disgust at Wall Street is profound. The American people want us to change in a very profound way how Wall Street functions, and Congress must deliver," said Sanders.

He said real reform should include a credit card interest cap, similar to legislation sponsored by Sanders and endorsed last week by hundreds of religious leaders and community organizations from across the country. The Senate bill also must lift the secrecy at the Federal Reserve, which has refused to divulge which financial institutions received more than $2 trillion in loans. There are now 32 cosponsors of a Sanders bill demanding greater openness at the Fed.

Real financial reform also must break up big banks to eliminate monopoly-like ownership concentrations and to keep any single failing financial institution from dragging the economy down with it. The concept behind legislation Sanders first introduced last Nov. 5 has drawn support from progressives and conservatives alike, including three Federal Reserve bank presidents. The financial reform bill also must steer Wall Street toward investments in job-creating businesses and away from esoteric financial instruments, he said.

http://www.commondreams.org/headline/2010/04/19-8