Posted on 02/18/2020 9:15:06 AM PST by Oldeconomybuyer
NEW YORK - U.S. Democratic presidential candidate Michael Bloomberg on Tuesday outlined a sweeping financial services policy proposal to rein in Wall Street trading, boost consumer protections, increase Americans’ access to banking services, and crack down on financial crime.
The left-leaning platform marks a striking turnaround for the former Republican New York mayor who made his $60 billion fortune in financial services and who in the past has criticized reforms introduced following the 2007-2009 financial crisis.
Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts, bolstering the “Volcker Rule” ban on proprietary trading, and setting a trading speed limit - all of which take aim at Wall Street clients of Bloomberg Inc’s trading terminal.
The proposal also pledges to reinforce protections eroded by the Trump administration by boosting bank capital levels, toughening banks’ annual health checks, and restoring the Consumer Financial Protection Bureau’s rules curbing payday lending and ban on imposing mandatory arbitration on consumers.
While Bloomberg’s platform does not go as far as proposals backed by progressive rival presidential candidates Elizabeth Warren and Bernie Sanders, who have called for big banks to be broken up, it underscores how far the Democratic Party is moving to the left on financial and corporate policy issues.
(Excerpt) Read more at reuters.com ...
The frequent traders won't go away, but the bigger fish will be taking it over. This is another way to help drive the smaller fish out while raising more money for Fedzilla.
He is doing this to create a barrier to the accumulation of wealth. The American people had better pay attention. This is an evil evil evil son of a bitch.
Bloomberg is more ignorant today than when he was Mayor of NYC.
“Among the most eye-catching proposals is a tax of 0.1% on transactions in stocks, bonds and payments on derivative contracts, bolstering the “Volcker Rule” ban on proprietary trading, and setting a trading speed limit - all of which take aim at Wall Street clients of Bloomberg Inc’s trading terminal.”
The majority of stock holders and trading in stocks today is not done by individuals for themselves. Institutional investors - insurance companies, pension funds, mutual investment funds, ect - comprise the majority of both stocks held and trades on Wall Street today. It is those institutions (their pensioners, insured persons, and those investing for or in retirement) not billionaire fat cats that will have to absorb the stupid 0.1% tax.
Who's next to insult?
Basically, the tax would kill day trading profits that has heavy daily volume turnover.
The Transaction tax should simply be on buying and selling the same position in the same day. I can live with the reduced liquidity if it reduces intra-day volatility, which has gotten out of hand.
That’s actually what I had in mind thinking about all the automated, ai induced, trading. If they’d get rid of a tax on average folks and replace it with something like you suggest it’d be people speculating paying instead of average folks.
What, prey tell, is wrong with Wall Street? Bloomberg is a windbag!
Are you watching this guy.. AG of Virginia.. Morrisey... said bloomburg’s people are running the justice dept.. he is running things with unelected persons.. with his money.
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