The following is an excerpt from Lisa Lerer | October 7, 2015 | Yahoo.com |
WASHINGTON (AP) — Hillary Rodham Clinton wants to crack down on bad behavior by Wall Street by punishing individual investors, financial managers and traders for misconduct, saying they will be "prosecuted and imprisoned."
Bankers who violate the law would face the possibility of tougher criminal penalties, according to a summary of Clinton's plan released Wednesday night by her campaign. They also would be banned from future employment in the financial industry and could find their compensation penalized as part of a government settlement.
Her proposals came just days before the first Democratic presidential debate with her primary rivals. Liberal Democrats have spent months calling on Clinton to take a more aggressive approach to regulating Wall Street. In recent weeks, Vermont Sen. Bernie Sanders has gained ground against her in early primary states with a populist economic message that vows to take on the "billionaires."
Clinton's close ties to Wall Street and the centrist economic policies of the administration of her husband, former President Bill Clinton, make some in her party skeptical of her populist credentials. Both Clintons have earned millions in speaking fees, including some from Wall Street banks, and daughter Chelsea and her husband have worked at hedge funds.
In the first major economic speech of her presidential campaign, last July in New York City, Clinton expressed outrage at accounts of money laundering and currency manipulation involving several major financial firms. She said few rogue traders had faced consequences for malfeasance, a subtle swipe at the Obama administration, which took no action against the individual financial titans who pursued risky fiscal practices.
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