Mike Bloomberg's new plan to crack down on Wall Street echoes those of Bernie Sanders and AOC
on crack down on Wall Street. It includes a financial transactions tax that also draws support from primary rival Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez of New York.
The proposal called to reinstate stricter oversight for the biggest banks on Wall Street and to shore up consumer protection laws governing payday lending and financial advisers. It would also set up a special team within the Justice Department to investigate bankers and fight corporate crime. The former New York City mayor also seeks to merge Fannie Mae and Freddie Mac, the two government housing giants.about his proposal. He added that Trump has rolled back critical protections under the 2010 Dodd-Frank law designed to prevent another financial collapse.The plan marks a reversal from Bloomberg's past stance on tougher regulations on Wall Street, the sector where he first amassed a $63 billion fortune selling financial data.
While serving as New York City's mayor in 2010, Bloomberg urged Democrats against taking"punitive actions" that could harm US economic growth,
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