Other than Glass-Steagall, what did he propose in 20 when he was a senator when we were dealing with this? The answer is nothing. “And by the way, when it comes to specifics, the only specific I have heard is Glass-Steagall, which makes very little change in the finance system… I think he gets a pass from the media. Some blame the act’s 1999 repeal - at the hands of both Bill Clinton and Congress - for the 2008 financial crisis. He specifically called out Sanders’ plan to re-implement Glass-Steagall, a Great Depression-era reform that banned mixing commercial and investment banking in the same institution, reported the New York Times. ”īarney says Bernie’s statements about Dodd-Frank are ludicrous and criticized the media for not being more critical of the Democratic Socialist candidate’s proposed reforms and Congressional record. “Dodd-Frank did not end much of the casino-style gambling… I fear very much. and Wells Fargo & Co, reported Bloomberg. Last year, Sanders invoked the law’s name while pushing for legislation that would break up America’s biggest banks - JPMorgan Chase & Co., Bank of America Corp., Bank of New York Mellon Corp., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp.
Īlthough Bernie voted for Dodd-Frank, he has been vocal about its shortcomings. It’s ‘I voted for these Republicans, we have a Republican Congress, we voted for them, they took over Congress, they didn’t accomplish anything.’ You gotta win at least two elections in a row.” Dodd-Frank Act’s Barney Frank has few kind words for Bernie Sanders’ years in Congress.
It is harder to get things done in the American political system than a lot of people realize, and what happens is they blame the people in office for the system. “Bernie Sanders has been in Congress for 25 years with little to show for it in terms of his accomplishments and that’s because of the role he stakes out. Barney seemed to believe that this was, at least partially, due to the way that Sanders presented himself on issues like Wall Street reform. įrank continued to tear down Bernie’s record in Congress, saying that the senator had almost nothing to his name in terms of progress over the course of such a long career. I do think that he overstates it when he says, ‘they’re all corrupt.’ It’s simply not true.” Dodd-Frank author says Bernie Sanders did nothing in Congress. The financial system is people lending money to other people so they can do things. “Well if that’s the case is even dumber than I thought. Sanders, the Slate journalist stated, believes that the system is “corrupt fundamentally and that we don’t want to merely make it slightly more stable.” Barney rejects this notion. Barney seemed quite unimpressed overall with the Sanders campaign and seemed to indicate that he did not have faith in the reforms that the Vermont senator had proposed.Īs one of Dodd-Frank’s primary architects, Barney stood by what the bill had accomplished despite the fact that some, like Bernie, have criticized that it did not go far enough in breaking up major financial institutions. One of Dodd-Frank’s authors, Barney Frank, recently sat down with Slate to toss some of that criticism back in Bernie’s direction. Bernie Sanders’ criticisms of the American financial system have extended all the way to a law he voted for while in Congress: the Dodd–Frank Wall Street Reform and Consumer Protection Act.
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