Bloomberg unveils Wall Street reform plan with new financial tax
Democratic presidential hopeful Michael Bloomberg unveiled plans for Wall Street reform that include reinstating and expanding upon Obama-era policies, while adding a new measure aimed at wealth redistribution.
Democratic presidential hopeful Michael Bloomberg unveiled plans for Wall Street reform that include reinstating and expanding upon Obama-era policies, while adding a new measure aimed at wealth redistribution.
The billionaire’s campaign announced he would place a 0.1 percent tax on all financial transactions in order to address wealth inequality, as well as “a speed limit on trading,” in order to “curb predatory behavior and reduce the risk of destabilizing ‘flash crashes.’”
“The financial system isn’t working the way it should for most Americans,” Bloomberg said in a statement. “The stock market is at an all-time high, but almost all of the gains are going to a small number of people, and our economy is still vulnerable to another shock like the 2008 financial crisis that devastated families and communities all over the country.”
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Eventually, you run out of other people's money, Mikey.