Jul 9, 2015 12:50 AM
O'Malley says nation needs tougher oversight of Wall Street
The Associated Press
WASHINGTON (AP) Democrat Martin O'Malley is making tougher oversight of Wall Street a centerpiece of his presidential campaign, outlining steps to bring more regulations to large banks and tax high-frequency trading.
The former Maryland governor was releasing a series of policy proposals Thursday aimed at regulating large banks and cracking down on financial industry excess.
O'Malley says he would seek to reinstate the Glass Steagall Act, which required Wall Street firms to separate their commercial and investment banking practices, until it was repealed in 1999. Liberals contend its repeal helped contribute to the 2008 financial crisis.
O'Malley also intends to implement a financial transaction tax to limit high-frequency trading and reduce high-risk behavior on Wall Street. He would also install higher capital requirements for big banks, require banks and their executives who break the law to admit guilt, and double funding for the Securities and Exchange Commission and Commodity Futures Trading Commission.
O'Malley has yet to gain much traction at the start of his primary bid against Clinton, the Democratic front-runner, but he has put forward specific policy proposals on climate change and college affordability aimed at attracting the party's base.
The ex-governor's agenda reflects Massachusetts Sen. Elizabeth Warren's populist push to police Wall Street in recent years. Warren was recruited to run for president by progressive groups but chose not to seek the presidency.