"For a long time now, Wall Street’s success hasn’t helped the broader economy — it’s come at the expense of the rest of the economy." Warren wrote.
Elizabeth Warren — whose criticisms of big banks powered her decade-long political ascent from law professor and consumer advocate to top-tier White House contender — on Thursday unveiled her plan to take on Wall Street as president.
"The truth is that Washington has it backwards. For a long time now, Wall Street’s success hasn’t helped the broader economy — it’s come at the expense of the rest of the economy. Wall Street is looting the economy and Washington is helping them do it,” Warren wrote in a blog post of her plan, which marks the latest plank in the candidate's platform of “The Democratic Massachusetts senator has unleashed a torrent of policy papers since formally launching her 2020 campaign in February.
“To raise wages, help small businesses, and spur economic growth, we need to shut down the Wall Street giveaways and rein in the financial industry so it stops sucking money out of the rest of the economy,” Warren wrote. “That’s what my new plan does.”Warren’s plan calls to “transform the private equity industry” by making private equity firms responsible for the debts of companies they purchase, as well as requiring them to honor some worker pension obligations.
To curb Wall Street speculation, Warren’s plan calls for enacting her proposed “21st Century Glass-Steagall Act,” which she claims “rebuilds the wall between commercial banks and investment banks.” The plan also calls for imposing “tough new executive compensation rules” that would revoke bankers’ incentives for failed risky investments, and reversing deregulation of various rules for big banks carried out by the Trump administration.
Warren seeks to better connect “savers with borrowers” in the financial sector by advocating for “postal banking,” whereby the U.S. Postal Service would “partner with local community banks and credit unions to provide access to low-cost, basic banking services.” Warren’s plan calls for appointing governors to the Federal Reserve Board who will adopt “real-time payment technology” for “everyday transfers,” so Americans can more easily retrieve their paychecks.
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