Democratic frontrunner Hillary Clinton wrote an Op-Ed for The New York Times on Monday in which she outlined her plan for dealing with Wall Street and preventing in the future the sort of economic climate that led to the Great Recession of 2008. Clinton lauded the efforts of the Obama administration that have resulted in a turnaround since 2008, and drew a distinction between herself and Republicans in Congress, whom she says want to “roll back common-sense efforts to prevent conflicts of interest by financial managers.” Clinton also chided her GOP rivals in the 2016 field, whom she accused of wanting to undo financial protections.
Clinton’s plan is broken into roughly three parts. Her first order of business would be to introduce a new risk fee that would be applied to some of the nation’s biggest banks — institutions with $50 billion or more in assets. Other highlights from her plan include closing loopholes that allow banks to make speculative investments with funds deposited by taxpayer backed deposits. Also notable is that Clinton would not reinstate the Glass-Steagall Act of 1933, a controversial piece of emergency legislation aimed at restoring Americans’ trust in banks during the Great Depression. President Clinton signed legislation in 1999 to repeal the law, a move that remains a divisive topic. Both Bernie Sanders and former Maryland Gov. Martin O’Malley support reinstating Glass-Steagall.
Whether Clinton’s proposals will be enough to satisfy the more progressive members of her party, many of whom have been throwing their support behind Sanders, remains to be seen. However, the plan drew the support of Elizabeth Warren, the U.S. senator from Massachusetts who’s known for her opposition to Wall Street. In a message posted on Twitter, Warren said Clinton is “right to fight GOP efforts” aimed at undoing financial regulations.
— Elizabeth Warren (@elizabethforma) December 7, 2015
Warren stopped short of making an endorsement. Last week, she made headlines for being the only woman Democrat in the U.S. Senate to not endorse Clinton in the 2016 race. A new poll of Iowa voters released on Monday showed Clinton maintaining an 18-point lead over Sanders.
Read the full Op-Ed at The New York Times.