Former New York Metropolis mayor Michael Bloomberg, a democratic presidential candidate, attends the united statesConference of Mayors 88th Winter
Former New York Metropolis mayor Michael Bloomberg, a democratic presidential candidate, attends the united statesConference of Mayors 88th Winter Assembly in Washington, D.C, January 22, 2020.
Yasin Ozturk | Anadolu Company | Getty Photos
Presidential candidate Mike Bloomberg on Tuesday rolled an formidable plan to rein in Wall Road, echoing platforms of a few of his extra liberal Democratic rivals.
Bloomberg’s plan would bolster most of the reforms both put in place or strengthened as a part of the 2010 Dodd-Frank Act in response to the Nice Recession, a disaster that some blamed on Wall Road banks.
The billionaire, who made his personal fortune on Wall Road, has now spent not less than $400 million in promoting for his marketing campaign, in accordance with Kantar Media.
Bloomberg was mayor of New York from 2002 to 2013, in the course of the monetary disaster and its aftermath. Throughout that point, he pushed again in opposition to sure proposals to tighten financial institution oversight, calling them “shortsighted” and arguing they’d “present main benefits” to overseas opponents.
As presidential candidate, Bloomberg seems to be shifting to the left of that stance. He mentioned in a press release on Tuesday, “The monetary system is not working the way in which it ought to for many People.”
Listed below are the priorities in Bloomberg’s Wall Road plan, in accordance with a marketing campaign press launch:
- Strengthen reforms put in place following…