Here's a better explanation than I can provide:
What Hillary gets right about Glass-Steagall financial reform is an all-hands-on-deck affair. We need to bring the entire financial system — banks, nonbanks, shadow banks, all of them — under consistent regulatory scrutiny. We need to enforce transparency, ensure there are financial buffers, provide a way to unwind collapsing institutions safely, and protect everyday consumers from predation. The 2010 Dodd-Frank law, to its credit, got the ball rolling on all of this, though it doesn't go far enough in winding down the size of the biggest and most systemically dangerous companies. At the end of the day, the smaller the company is, the less of a threat its collapse would pose.
Clinton's proposals not only double down on Dodd-Frank's strengths, they also address its weaknesses: strengthening capital requirements for financial institutions, and imposing an escalating system of fees on players that pass a certain size.
7 Years late and billions of dollars short. And still, how real can this be when your top 5 donors are:
Citigroup Inc $824,402 $816,402 $8,000
Goldman Sachs $760,740 $750,740 $10,000
DLA Piper $700,530 $673,530 $27,000
JPMorgan Chase $696,456 $693,456 $3,000
Morgan Stanley $636,564 $631,564 $5,000
Open Secrets The only way to change this mess is with a complete restructuring of the financial system.
The game is rigged and it is corrupt from the inside. No amount of band aid will help.
