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Warren: 'When big banks get too risky, break 'em up'


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Warren: 'When big banks get too risky, break 'em up'

ElizabethWarren and Bernie Sanders reiterated calls to break up big banks during theopening night of the Democratic National Convention in Philadelphia.

"Whenbig banks get too risky, break 'em up," Sen. Warren, D-Mass., said during herkeynote address at the DNC July 25. She said presumptive Democraticpresidential nominee Hillary Clinton "will fight to hold big banksaccountable."

Clintonwill also fight for an increased minimum wage, for paid family and medicalleave, for refinancing student loans and debt-free college, to expand SocialSecurity, strengthen Medicare and to protect retirement accounts, Warren said.

FormerDemocratic presidential hopeful Sanders likewise called for splitting up bigbanks in a speech following Warren's at the convention. "The DemocraticParty now calls for breaking up the major financial institutions on WallStreet, and the passage of a 21st century Glass-Steagall Act," he said.The Democratic platform,like that of the Republicans, calls for a return to the Glass-Steagalllegislation that separated commercial banking from investment banking beforebeing repealed in 1999.

Warrenand Sanders both took aim at income inequality in their remarks. "Americaisn't going broke," Warren said, pointing to stock markets reaching recordhighs, soaring corporate profits and CEOs making millions of dollars. Sanderspointed to "greed, recklessness and illegal behavior on Wall Street"that caused the worst financial crisis since the Great Depression. "It isnot moral, not acceptable and it is not sustainable that the top one-tenth of1% now own almost as much wealth as the bottom 90%, or that the top 1% inrecent years has earned 85% of all new income," Sanders said.

Warrenalso highlighted the progress made by the Affordable Care Act and the ConsumerFinancial Protection Bureau, despite continued opposition from the GOP. "Fiveyears later, that consumer agency has returned $11 billion to families who werecheated, and Republicans? Republicans are still trying to kill it," Warrensaid of the CFPB, an agency she helped set up in the wake of the Dodd-Frank Act'spassage.