Sen. Bernie Sanders laid out his plans to reform Wall Street in a Town Hall speech Tuesday in Manhattan. Sanders didn’t mince any words when it came to his plan for the “too big to fail banks.” He said that he would ask the U.S. Treasury to make a list of those financial institutions and break them up within his first year in office.
“To those on Wall Street who may be listening today, let me be very clear, greed is not good. Wall Street and corporate greed is destroying the fabric of our nation. And, here is a New Year’s Resolution that we will keep: If you do not end your greed, we will end it for you,” said Sanders.
He also talked about the kind of banking system that his administration will be looking for, “a banking system that is part of the productive economy, making loans at affordable rates to small- and medium-sized businesses so that we create decent-paying jobs.”
Sanders also addressed ATM fees saying that they needed to be reformed after citing that some banks are charging $4 or $5 per transaction.
“We must also cap ATM fees at $2.00. People should not have to pay a 10 percent fee for withdrawing $40 of their own money out of an ATM. Big banks need to stop acting like loan sharks and start acting like responsible lenders,” Sanders said.
Read a full transcript of Sanders speech on the MarketWatch website.