Clinton Campaign Releases Details of Wall St. Regulation Plan

Hillary Clinton’s plan, to be unveiled tomorrow, includes:

  • Tax on high-frequency trading; “tax would hit HFT strategies involving excessive levels of order cancellations,” according to summary provided by an aide
  • Close Volcker Rule provision that would allow 3% of capital invested in hedge funds
    • Would “fully enforce” Volcker Rule; reinstate swaps push-out rule
  • On financial crimes:
    • Would stress prosecuting individuals who knew about misconduct by subordinates and didn’t stop it
    • Target bonuses of culpable executives and employees in fines
    • Blacklist individuals convicted of “egregious crimes” from industry
    • Extend statute of limitations to 10 yrs for financial fraud
    • Limit deferred prosecution agreements
    • Require firms admit guilt as condition of settlement agreements
    • Disclosure of settlement terms, incl. tax offsets
  • On regulators:
    • Limit SEC waivers for firms that “engage in repeated egregious conduct”
    • Increase funding to DOJ, CFTC, SEC to enhance investigations
    • Make CFTC, SEC funding “independent of annual appropriations”
    • Increase maximum SEC, CFTC penalties
    • Increase whistleblower reward payments

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