Release: Sanders Supports Obama on Bank Regulation Faults Fed Chairman for Inaction

WASHINGTON, January 21 – Sen. Bernie Sanders (I-Vt.) issued the following statement today after President Obama proposed tough new restrictions on the size and activities of the nation's largest financial institutions:

“President Obama’s proposal is a major step forward to limit the greed and reckless behavior of Wall Street that has caused so much damage to the economy.  We need to do everything we can to limit the size of too-big-to-fail financial institutions and end the gambling addiction on Wall Street. 

“One of the reasons I am strongly opposed to the re-nomination of Ben Bernanke is that, in truth, he has had the power to do this from day one.  Our goal must be to create a new Wall Street that invests in the productive economy creating decent paying jobs for all Americans."

Sanders is the author of legislation that would require the Treasury Department to break up too-big-to-fail financial institutions (S.2746, The Too Big to Fail, Too Big to Exist Act)