New poll boosts Bloomberg to Nevada debate stage
2020 Democrat Michael Bloomberg is set for his first live faceoff with his primary rivals; Peter Doocy reports from Las Vegas.
Democratic presidential hopeful Michael Bloomberg unveiled plans for Wall Street reform that include reinstating and expanding upon Obama-era policies, while adding a new measure aimed at wealth redistribution.
The billionaire’s campaign announced he would place a 0.1 percent tax on all financial transactions in order to address wealth inequality, as well as “a speed limit on trading,” in order to “curb predatory behavior and reduce the risk of destabilizing ‘flash crashes.’”
“The financial system isn’t working the way it should for most Americans,” Bloomberg said in a statement. “The stock market is at an all-time high, but almost all of the gains are going to a small number of people, and our economy is still vulnerable to another shock like the 2008 financial crisis that devastated families and communities all over the country.”
The plan would roll back Trump administration measures while utilizing policies from the Obama administration such as the Volcker Rule, which restricts banks’ ability to use their own accounts for certain investment activities.
Bloomberg said he would also restore and add strength to the Consumer Financial Protection Bureau, which launched under Obama and the leadership of Sen. Elizabeth Warren, D-Mass., a 2020 rival. It also aims to incentive “innovation in the financial system to address the needs of all Americans.”
The former New York City mayor also intends to add funding to the Office of Financial Research in order to better predict and prevent future financial crises like the 2008 crash.
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The plan also mentions climate change, stating that it would require organizations to include information on climate risks in financial statements to “encourage better environmental stewardship.”
Fox News’ Kelly Phares contributed to this report.
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