On Monday, the New York Times ran an op-ed from Democratic presidential candidate Hillary Clinton, titled, "How I'd Rein In Wall Street."
In her op-ed, Clinton outlined how she would "fight for tough new rules, stronger enforcement and more accountability that go well beyond" Dodd-Frank. Although Clinton does not support the reinstatement of Glass-Stegall, she wrote that her "plan goes beyond the biggest banks to include the whole financial sector."
“We need to tackle excessive risk wherever it lurks, not just in the banks,” Clinton suggested.
As for the big Wall Street banks, Clinton proposed "closing the loopholes that allow banks to make speculative gambles with taxpayer-backed deposits." She also wrote that she would "fight to reinstate the rules governing risky credit swaps and derivatives at taxpayer-backed banks." She also indicated that she would not hesitate to "ensure that the federal government has -- and is prepared to use -- the authority and tools necessary to reorganize, downsize and ultimately break up any financial institution that is too large and risky to be managed effectively," adding that "no bank or financial firm should be too big to manage."
Republicans, she argued, "are working to attach damaging deregulation riders to the must-pass spending bill," and are "trying to undo constraints on risk at some of the largest and most complex financial institutions."
“Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass government funding bill,” Massachusetts senator and populist Democratic superstar Elizabeth Warren wrote on Facebook Monday, sharing Clinton's op-ed to her nearly two million "friends."
“Whether it’s attacking the C.F.P.B., undermining new rules to rein in unscrupulous retirement advisers, or rolling back any part of the hard-fought progress we’ve made on financial reform,” Warren wrote of Clinton, “she and I agree”:
Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass...
Warren also shared Clinton's op-ed on Twitter, her first time using the social media medium in nearly a month:
Much was made of Warren's absence from a Washington, D.C. Clinton fundraiser last week, featuring every other female U.S. senator. Warren has, of course, not yet endorsed a candidate in the Democratic primary. In September, the Massachusetts democrat told the Boston Globe that she did, in fact, plan on endorsing a candidate before the primary ended, but remained tight-lipped at the time. This weekend, Warren reaffirmed her commitment to endorse, while praising Clinton's rival Bernie Sanders, telling the Boston Herald that “it’s just not time for me to do that yet,” but that “Bernie is doing what Bernie always does — he’s out there talking from the heart, raising the issues that he’s raised for decades now.”