Politics

Mike Bloomberg releases plan to rein in Wall Street

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Former New York City mayor Michael Bloomberg, a democratic presidential candidate, attends the U.S Conference of Mayors 88th Winter Meeting in Washington, D.C, January 22, 2020.

Yasin Ozturk | Anadolu Agency | Getty Images

Presidential candidate Mike Bloomberg on Tuesday rolled an ambitious plan to rein in Wall Street, echoing platforms of some of his more liberal Democratic rivals.

Bloomberg’s plan would bolster many of the reforms either put in place or strengthened as part of the 2010 Dodd-Frank Act in response to the Great Recession, a crisis that some blamed on Wall Street banks.

The billionaire, who made his own fortune on Wall Street, has now spent at least

in advertising for his campaign, according to Kantar Media.

Bloomberg was mayor of New York from 2002 to 2013, during the financial crisis and its aftermath. During that time, he pushed back against certain proposals to tighten bank oversight, calling them “shortsighted” and arguing they would “provide major advantages” to foreign competitors.

As presidential candidate, Bloomberg appears to be moving to the left of that stance. He said in a statement on Tuesday, “The financial system isn’t working the way it should for most Americans.”

Here are the priorities in Bloomberg’s Wall Street plan, according to a campaign press release:

  • Strengthen reforms put in place following the Great Recession to regulate banks and protect consumers, including the Volcker Rule and Consumer Financial Protection Bureau.
  • Restore funding to…



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