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Sanders introduces bill that would cap exposures at financial institutions

Sen. Bernie Sanders, I-Vt., has introduced legislation that aims to cap exposures at the largest banks and nonbank financial services companies.

The new legislation calls for a ceiling on total exposure of 3% of U.S. GDP from the previous calendar year.

Under the bill, institutions exceeding the 3% cap would be given two years to restructure.

U.S. GDP was $19.485 trillion in 2017, according to the Bureau of Economic Analysis.

Rep. Brad Sherman, D-Calif., will introduce a similar bill in the House.