On Tuesday, U.S. Democratic presidential candidate Michael Bloomberg unveiled a ...
- On Tuesday, U.S. Democratic presidential candidate Michael Bloomberg unveiled a sweeping, left-leaning financial services agenda.
While Bloomberg’s platform does not go as far as that of progressive firebrand and financial services heavyweight Elizabeth Warren, it echoes her platform in several respects:Among the most eye-catching proposals outlined by Bloomberg on Tuesday was a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts. Warren has pushed a very similar tax as a means to fund ambitious social programs including a universal heath care plan.
The two candidates deviate when it comes to investment bank trading: while Bloomberg has called for regulators to restore the Volcker Rule banning banks from proprietary trading, Warren has gone much further by calling for big banks to be broken up in order to sever taxpayer-protected deposits from investment banking.On Tuesday, Bloomberg outlined a number of consumer protection proposals, hitting on one of Warren’s sweet spots.
He also went after another of Warren’s favorite targets, the credit reporting companies. Bloomberg proposd new privacy and data security rules and said he would empower consumers to dispute or potentially sue the companies for harmful practices.Bloomberg’s platform also aims to address the student loan crisis by automatically enrolling undergraduate students in income-based repayment plans, installing caps on debt payments and making it easier to discharge student debt via bankruptcy.
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