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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (132885)	4/9/2013 5:45:36 PM
From: RetiredNow	Read Replies (2) \| Respond to of 149317

Ted, Bernie Sanders is an avowed Socialist, but boy does he get it with respect to the Too Big Too Fail banks. On this issue, he just made my list of "important people to watch" for holding a respectable policy position along with Elizabeth Warren. Wow. I wish we had more Senators that used their brain like Bernie Sanders just did. Outstanding and well done, Bernie. Simple and powerful. sanders.senate.gov A BILL To address the concept of ‘‘Too Big To Fail’’ with respect to certain financial entities. 1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE. 4 This Act may be cited as the ‘‘Too Big to Fail, Too 5 Big to Exist Act’’. 6 SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT 7 ARE TOO BIG TO FAIL. 8 Notwithstanding any other provision of law, not later 9 than 90 days after the date of enactment of this Act, the 10 Secretary of the Treasury shall submit to Congress a list 2 GRA13102 S.L.C. 1 of all commercial banks, investment banks, hedge funds, 2 and insurance companies that the Secretary believes are 3 too big to fail, which shall include, but is not limited to, 4 any United States bank holding companies that have been 5 identified as systemically important banks by the Finan- 6 cial Stability Board (in this Act referred to as the ‘‘Too 7 Big to Fail List’’). 8 SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS. 9 Notwithstanding any other provision of law, begin- 10 ning 1 year after the date of enactment of this Act, the 11 Secretary of the Treasury shall break up entities included 12 on the Too Big To Fail List, so that their failure would 13 no longer cause a catastrophic effect on the United States 14 or global economy without a taxpayer bailout. 15 SEC. 4. DEFINITION. 16 For purposes of this Act, the term ‘‘Too Big to Fail’’ 17 means any entity that has grown so large that its failure 18 would have a catastrophic effect on the stability of either 19 the financial system or the United States economy without 20 substantial Government assistance.