Hillary Clinton Vows to Revamp Wall Street

“Too big to fail is still too big a problem,” Hillary Clinton says in policy speech at the New School in NYC.

  • Pledges to rein in “excessive risk” on Wall Street
  • Says will “soon” propose plan to revamp capital gains taxes to reward long-term investments as opposed to “quick trades”
  • Stock buybacks shouldn’t be used just for quick boost in stock prices
  • Wall Street needs to refocus on long term as opposed to solely quick gains
  • Financial industry should be helping “Main Street grow and prosper” and helping cos. be more globally competitive
  • In yrs before crash, financial firms piled “risk upon risk” as federal regulators “either couldn’t or wouldn’t keep up”
  • Pledges to fight back against attacks to Dodd-Frank while also calling to go beyond the 2010 law
  • There are firms still “too complex and too risky”
    • “The problems aren’t limited to the big banks”; risks emerging from so-called shadow banking system, including hedge funds, high-speed traders, non-bank finance cos.
  • Such businesses getting little oversight
  • Misconduct in financial industry is “shocking”; can be “no tolerance” for such criminal behavior
    • Too often seems individuals responsible for misdeeds meet limited consequences or “none at all even when they’ve already pocketed the gains”
  • Will make sure stock market works for “everyday investors”
  • Says she’ll give details on her proposals to encourage cos. to share profits with workers later this week
Related: Hillary Clinton to Propose Incentives for Corporate

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