• Politics

Hillary Clinton Targets Wall Street ‘Risk’

3 minute read

Former Secretary of State Hillary Clinton will roll out a plan to “go after risk” in the financial markets, she told Iowa voters Tuesday, stopping short of calling for reinstating the tough financial regulations her husband repealed.

Fielding questions from an audience in Davenport, Clinton previewed the plan to be announced next week, when she is set to participate in the first Democratic debate in Las Vegas. Citing the support of former Rep. Barney Frank, one of the authors of the Dodd-Frank financial regulation reform bill, Clinton promised to fully implement the law, while expanding on it to focus on risk.

“I’m going to be proposing in the next week, what I think would be the best way to combat Wall Street abuses and to rein-in ‘too big to fail’ banks and other institutions,” Clinton said.

“I’m going to go after risk,” she added. “Sometimes risk is associated with bigness of a bank, sometimes risk can be an insurance company, sometimes risk can be in the shadow banking system.”

Read More: What to Know About Hillary Clinton’s Economic Proposals

Clinton faces pressure from her left flank to get tough on Wall Street, most threateningly from Vermont Sen. Bernie Sanders, who has made attacks on the financial sector a selling point of his insurgent campaign. Like Sanders, Clinton called for the prosecution of individual bad actors on Wall Street.

“We also have to do more to hold individuals accountable for their bad behavior,” Clinton said, citing former Fed Chairman Ben Bernanke’s reflection in his new memoir that he wished that more executives during the financial crisis faced prosecution. “People should have gone to jail,” she added.

The questioner asked whether Clinton would support reinstating the Glass-Steagall provisions her husband, former President Bill Clinton, repealed. That series of laws limited what securities activities commercial banks could engage in and many blame that move for helping lay the groundwork for the 2008 financial crisis.

“If you only reinstate Glass-Steagall, you don’t go after all these other institutions,” Clinton said of hedge funds and big financial firms she says “have too much power in our economy.” She said her proposal would be “a more comprehensive approach to what we need to rein in the big institutions, including the big banks.”

“I’m going to go after what I think are the real problems, not the problems of the past, the problems of today,” Clinton added.

Read Next: How Wall Street Won

See Hillary Clinton's Evolution in 20 Photos

Hillary Rodham Clinton
Teenager: Hillary Rodham poses in her 1965 senior class portrait from Park Ridge East High School in Illinois. AP
Hillary Rodham Clinton
Law School Student: Bill Clinton and Hillary Rodham pose for a snapshot at Yale Law School in 1972. They married in 1975.Clinton Presidential Library
Hillary Rodham Clinton
Mother: Clinton poses with her husband, Bill, then in his first term as governor, with their week-old daughter, Chelsea, on March 5, 1980.Donald R. Broyles—AP
Hillary Rodham Clinton
Campaign Companion: Clinton celebrates her husband's victory in a Democratic runoff in Little Rock, Ark. on June 8, 1982.AP
Hillary Rodham Clinton
Arkansas First Lady: Clinton is seen in her inaugural ball gown in 1985. A. Lynn—AP
Hillary Rodham Clinton
Political Wife: Clinton celebrates her husband's inauguration in Little Rock on Sept. 20, 1991.Danny Johnston—AP
Hillary Rodham Clinton
Dignitary: Clinton receives an honorary law degree from Hendrix College in Conway, Ark., on May 30, 1992.Chris Ocken—AP
Hillary Rodham Clinton
Campaigner: Clinton speaks at a meeting during the presidential campaign for her husband in Buffalo, N.Y., on April 4, 1992.Bill Sikes—AP
Hillary Rodham Clinton
First Lady: Clinton appears at the MTV Inauguration Ball at the Washington Convention Center on Jan. 20, 1993. Shayna Brennan—AP
Hillary Rodham Clinton
Second-Term First Lady: Clinton attends the Inaugural Ball after her husband was sworn in to a second term on Jan. 20, 1997. Brooks Kraft—Corbis
Hillary Rodham Clinton
New York Senator: Clinton speaks at a press conference with female Democratic senators in Washington on June 21, 2006. Brooks Kraft—Corbis
Hillary Rodham Clinton
Committee Member: Clinton listens to the testimony of Lt. General David Petraeus to the Senate Armed Forces Committee at a hearing on Capital Hill in Washington on Jan. 23, 2007. Brooks Kraft—Corbis
Hillary Rodham Clinton
Candidate: Clinton holds a a campaign event in Portsmouth, N.H., while running for the Democratic presidential nomination on Sept. 2, 2007. Brooks Kraft—Corbis
Hillary Rodham Clinton
Campaigner: Clinton speaks at a campaign stop in Cedar Rapids, Iowa on Jan. 2, 2008. Brooks Kraft—Corbis
Hillary Rodham Clinton
Secretary of State: Clinton kisses President Obama at a joint session of Congress in Washington on Feb. 24, 2009. Brooks Kraft—Corbis
Hillary Rodham Clinton
Witness: Clinton joins Chairman of the Joint Chiefs of Staff Admiral Michael Mullen and Secretary of Defense Robert Gates before the Senate Foreign Relations Committee on Dec. 3, 2009. Brooks Kraft—Corbis
Hillary Rodham Clinton
Witness: Clinton testifies before the Senate Foreign Relations Committee hearing on the deadly attack on the U.S. diplomatic mission in Benghazi, Libya, on Jan. 23, 2013.J. Scott Applewhite—AP
Hillary Rodham Clinton
Author: Clinton attends a signing memoir, "Hard Choices," at a Costco in Arlington, Va., on June 14, 2014. Brooks Kraft—Corbis
Hillary Rodham Clinton
Grandmother: Clinton holds her granddaughter Charlotte Clinton Mezvinsky at Lenox Hill Hospital in New York City on Sept. 27, 2014.Office of President Clinton/AP
Hillary Rodham Clinton
Once and Future Candidate: Clinton speaks at Iowa Senator Tom Harkin's annual Steak Fry in Indianola, Iowa, on Sept. 14, 2014. Brooks Kraft—Corbis

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