Former Governor Martin O’Malley of Maryland, a Democrat, began his presidential campaign in May with a speech that led some to call him the financial industry’s “public enemy number one,” writes Business Insider.
O’Malley revealed his policy proposals today, Thursday, July 9th. He is continuing to take aim at Wall Street, and – in other news – he also looks to eradicate student debt.
Media sources immediately began portraying the situation as a “cat-fight” between O’Malley and candidate Bernie Sanders.
According to his deputy campaign manager Lis Smith, O’Malley plans to release, along with the letter, a “detailed Wall Street white paper that continues in (the) mold of O’Malley leading with bold, progressive policy agenda,” writes Business Insider.
In conjunction with the policy rollout, O’Malley is sending an open letter to “megabanks.” In the letter, O’Malley directly blamed the Wall Street “megabanks” for the 2008 financial crisis and warned, “As President, I have no plans to let up on you.”
In his letter, O’Malley describes the “megabanks” as a “grave threat” to the US economy with executives who are “somehow classified as too big to prosecute and too big to jail.”
“I know that many of you have tried to dismiss and undermine my calls for stronger reforms as ‘anti-capitalist,'” O’Malley wrote. “Let me be clear — the ongoing reckless behavior of your megabanks isn’t capitalism — it’s the antithesis of it. True capitalism requires a level playing field on which everyone plays by the same set of rules. True capitalism requires competition. True capitalism means that just as businesses and banks can succeed – they can also fail.”
“Today, your — too-big-to-fail, too-big-to-manage, and too-big-to-jail — megabanks pose an enormous risk to the financial system, the economy, and American families,” O’Malley wrote. “They are so big and so interconnected with the entire financial system that the failure of one or more of them could cause the collapse of the entire US economy.”
In related news, O’Malley has made debt-free college a priority.
He has put several proposals on the table to make that happen, including tuition freezes, making it possible for students to refinance student loans for lower rates, basing re-payment on income, and increasing funding to schools.