U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a s...
NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americans’ access to banking services and crack down on financial crime.
Trying to make a virtue of his Wall Street heritage, Bloomberg’s campaign argued on Tuesday that “as the founder of a successful global financial technology company, he understands the system well and is uniquely qualified to make it work better for all Americans.” Bloomberg also waded into the long-running debate on the future of housing finance giants Fannie Mae and Freddie Mac, which were bailed out during the financial crisis. He proposed to merge them to ensure taxpayers are fully compensated for the risks of guaranteeing the firms’ securities.
“Our sense is that these proposals are primarily intended to blunt progressive attacks, especially with Bloomberg joining the debate stage for the first time on Wednesday evening,” Isaac Boltansky, director of policy research at Washington-based Compass Point Research & Trading, said in a note. His newest proposal would also address the student loan crisis by automatically enrolling undergraduate students in income-based repayment plans, installing caps on debt payments and making it easier to discharge student debt via bankruptcy. It would curb debt collection agencies and bank overdraft fees.
Under Bloomberg’s plan, the tax would be phased in gradually, starting at 0.02%, to “minimize any unintended consequences.”
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