Financial Reform
The takeover of our economy by big banks and well-connected financiers has destabilized both our democracy and our economy. It’s time to take Wall Street out of the driver’s seat and to free the truly productive segments of working America to make this economy work for all of us. Real Financial Reform will:
- Relieve the debt overhang holding back the economy by reducing homeowner and student debt burdens.
- Democratize monetary policy to bring about public control of the money supply and credit creation. This means we’ll nationalize the private bank-dominated Federal Reserve Banks and place them under a Monetary Authority within the Treasury Department.
- Break up the oversized banks that are “too big to fail.”
- End taxpayer-funded bailouts for banks, insurers, and other financial companies. We’ll use the FDIC resolution process for failed banks to reopen them as public banks where possible after failed loans and underlying assets are auctioned off.
- Regulate all financial derivatives and require them to be traded on open exchanges.
- Restore the Glass-Steagall separation of depository commercial banks from speculative investment banks.
- Establish a 90% tax on bonuses for bailed out bankers.
- Support the formation of federal, state, and municipal public-owned banks that function as non-profit utilities.
