Wall Street Reform
For far too long middle-class Americans have been held hostage by the greed and recklessness of Wall Street. Republicans and Corporate Democrats have worked for years behind the scenes to loosen regulations on the f the nation’s largest and richest companies; all to the detriment to the American worker and the American economy, as is evident by the Great recession of 2008.
Congress must reverse the years of tax breaks and corporate giveaways that have been passed in favor of the Fortune 500 and set about the work of making the American worker a top priority.
Isiah will fight to reform reckless Wall Street by:
Introducing legislation such as S.1206; “Too Big To Fail, Too Big To Exist Act “ that would break up big banks and prohibit any too-big-to-fail institutions from accessing the Federal Reserve’s discount facilities or using insured deposits for risky activities.
Introducing legislation such as S.881; “21st Century Glass-Steagall Act”; which would:
limit affiliations between an insured depository institution and any insurance company, securities entity, or swaps entity;
Restrict the authority of a national banking association to purchase or sell investment securities or stock, invest in certain structured or synthetic products, control or hold an interest in financial subsidiaries, or otherwise engage in nonbanking activities;
Restrict the authority of a federal savings association to invest in, redeem, or hold shares or certificates issued by an open-end management investment company;
limit the authority of a financial holding company to engage in nonfinancial activities;
Disallow certain foreign banks from engaging in nonbanking activities in the United States;
Repeal bankruptcy code provisions related to the contractual right to liquidate, terminate, or accelerate certain types of financial instruments; and
Establish various enforcement and penalty provisions.
Strengthening the Consumer Financial Protection Bureau (CFPB.
Instituting a “speculation trading tax” of 0.5 % for stocks and 0.1% percent for bonds; which would cut back on computer-generated, high-speed trading, which is often accused of destabilizing the markets and giving an unfair advantage to large firms.
Strengthening protections under Pub.L. 111-203; “Dodd–Frank Wall Street Reform and Consumer Protection Act”.
Ending the trading practice of student loan asset-backed securities (SLABS).
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