Bloomberg to seek tighter financial industry regulations: New York Times
NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americans’ access to banking services, and crack down on financial crime.
Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts, bolstering the “Volcker Rule” ban on proprietary trading, and setting a trading speed limit - all of which take aim at Wall Street clients of Bloomberg Inc’s trading terminal.
While Bloomberg’s platform does not go as far as proposals backed by progressive rival presidential candidates Elizabeth Warren and Bernie Sanders, who have called for big banks to be broken up, it underscores how far the Democratic Party is moving to the left on financial and corporate policy issues.
“But the overarching tone of the proposals underscores the populist shift in the Democratic party and the heightened potential for significant policy shifts.” Touching on a key theme of Warren and Sanders, Bloomberg also proposes measures to boost Americans’ access to the financial system by offering a range of banking services through the U.S. Postal Service and piloting free bank accounts.
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