01-07-2016, 07:40 AM
http://abcnews.go.com/Politics/bernie-sanders-vows-break-nations-largest-banks-year/story?id=36101481
Bernie will have his Sec. of the Treasury compile a list of the all of the big banks deemed too dangerous to this country because they're "too big to fail". He will then break them up!
Except, can he? The power to do so rests within the Board of Governors for the Federal Reserve, a group that is independent of Congress and the President. They are appointed by the President and approved by the Senate to 14 year terms. They receive no funding from Congress. The idea is that they should be as removed from political pressure as possible. They can only serve one term.
Currently there are 5 governors appointed by Obama with 2 vacancies that currently need to be filled. The earliest vacancy will be 2020.
There's also the FSOC that needs to approve this. They are made up leaders of various banking/financial regulatory agencies and leaders within the Dept of the Treasury. This group will obviously be loyal to the President that appoints them, but you're going to have to convince a likely Republican Senate to approve people into these roles that want to break up Bank of America and other large banks.
Sanders is quite ambitious, and this sounds good to anyone who doesn't understand how this all works, but apparently we're all just going to "Feel the Bern".
Bernie will have his Sec. of the Treasury compile a list of the all of the big banks deemed too dangerous to this country because they're "too big to fail". He will then break them up!
Except, can he? The power to do so rests within the Board of Governors for the Federal Reserve, a group that is independent of Congress and the President. They are appointed by the President and approved by the Senate to 14 year terms. They receive no funding from Congress. The idea is that they should be as removed from political pressure as possible. They can only serve one term.
Currently there are 5 governors appointed by Obama with 2 vacancies that currently need to be filled. The earliest vacancy will be 2020.
There's also the FSOC that needs to approve this. They are made up leaders of various banking/financial regulatory agencies and leaders within the Dept of the Treasury. This group will obviously be loyal to the President that appoints them, but you're going to have to convince a likely Republican Senate to approve people into these roles that want to break up Bank of America and other large banks.
Sanders is quite ambitious, and this sounds good to anyone who doesn't understand how this all works, but apparently we're all just going to "Feel the Bern".
![[Image: ulVdgX6.jpg]](http://i.imgur.com/ulVdgX6.jpg)
![[Image: 4CV0TeR.png]](https://i.imgur.com/4CV0TeR.png)
