It’s no secret liberals have a sour taste in their mouths for Hillary Clinton’s ties to Wall Street bankers. She bombed in the second debate when her solution to Wall Street greed was a stern “Hey, cut it out!” If only she had said “please” at the end maybe they would have stopped. It was red meat for the anti-Wall Street Bernie Sanders to pounce on, and Clinton was rightly ridiculed.
But, if Hillary Clinton is good at one thing, it’s correcting a wrong – and boy did she with her latest Wall Street plan, titled “How I’d Rein In Wall Street.’
In fact, Clinton’s Wall Street plan is so good, Senator Elizabeth Warren (the second biggest enemy to Wall Street, behind Bernie Sanders) is praising it. Warren, the mastermind behind the Consumer Financial Protection Bureau and its former head, rallied behind Clinton’s observation that Republicans are trying to use the next round of funding bills to weaken financial regulation:
Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass government funding bill. Whether it’s attacking the C.F.P.B., undermining new rules to rein in unscrupulous retirement advisers, or rolling back any part of the hard-fought progress we’ve made on financial reform, she and I agree
In her op-ed outlining her plan for further Wall Street reform:
[I]mpose a new risk fee on dozens of the biggest banks — those with more than $50 billion in assets — and other systemically important financial institutions to discourage the kind of hazardous behavior that could induce another crisis. [S]trengthen the Volcker Rule by closing the loopholes that still allow banks to make speculative gambles with taxpayer-backed deposits. And I would fight to reinstate the rules governing risky credit swaps and derivatives at taxpayer-backed banks, which were repealed during last year’s budget negotiations after a determined lobbying campaign by the banks. [A]ppoint tough, independent regulators and ensure that both the Securities and Exchange Commission and the Commodity Futures Trading Commission are independently funded — as other critical regulators are now — so that they can do their jobs without political interference. [I]mpose a tax on harmful high-frequency trading, which makes markets less stable and less fair.
Clinton, however, brushed off any hopes of reinstating the Glass-Steagall Act, saying it wouldn’t have made a difference in terms of the 2008 financial crisis.
Warren’s praise is a far cry from an endorsement, as she is the only female Democratic Senator who has not publicly endorsed a candidate. Currently, all female Democratic Senators are backing Clinton for the nomination.
While it’s not an endorsement, it certainly says a lot.