Martin O'Malley unveils plans to reform Wall Street.
Plans include creating economic crimes division at DOJ.
If elected commander-in-chief, former Maryland Gov. Martin O'Malley also wants to be the new sheriff on Wall Street, and he'll bring his zero-tolerance policing policy with him.
O'Malley stretched his wonk muscles during a forum Thursday at the Truman Center for National Policy to promote reform measures aimed at Wall Street.
"We made a commitment to the American people that we would follow through on Wall Street reform, and we have not yet done that," O'Malley said.
The Democrat's plans include creating a new economic crimes division in the U.S. Department of Justice, doubling funding for watchdog commissions and imposing a three-year wait before regulators can jump ship to Wall Street.
"We must close the revolving door which is undermining the public trust that our government is actually doing its job to protect the real economy, productive economy and people getting worked over by mega-banks," O'Malley said.
O'Malley wants the president of the New York Fed and its general counsel to be presidential appointees. His financial transaction tax is designed to limit high-frequency trading. He wants to reinstate the Glass-Steagall Act, which kept savings and loans from engaging in speculative, risky trading with customers' deposits. He would institute a Department of Motor Vehicles-style point system for banks for each violation, which would subject them to additional penalties as the numbers got higher.
"We cannot assume that this is the one industry in our country that is allowed to police itself," O'Malley said.
A question of credibility came up during the forum. O'Malley supplied a steady answer, drawing on his executive decisions made during his tenure as mayor and governor. He said his 15 years of experience as an executive sets him apart from other Democrats running for president.
"The direction and the communication from the executive has a real effect, even on agencies that are independent," O'Malley said. . .
So far, O'Malley is the first Democratic candidate to roll out a Wall Street reform plan. He may also be the first to lay out an agenda to fix the nation's roads and bridges. He said that proposal is coming soon.
http://www.wbaltv.com/politics/martin-omalley-unveils-plans-to-reform-wall-street/34321764
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