O’Malley Details Plan For Wall Street Reform

Martin O’Malley is running for president while being willing to take on Wall Street. His campaign put out a press release declaring:

We need to protect America’s economy. And we can only do it by implementing strong accountability and structural reforms that build upon the Dodd-Frank Act and put an end to too-big-to-fail, too-big-to-manage, and too-big-to-jail financial firms.

Among his plans:

• Institute a Three-Year Revolving Door Ban: O’Malley will bar anyone serving in a financial policy or regulatory role from working for any person or entity appearing before their former agency/department—or any agency/department they had contact with when serving the public—for three years. This triples and aggressively
  strengthens the existing bar, which currently applies only to “senior” officials.
• Institute an Additional Three-Year Mandatory Disclosure Rule: In addition to the above ban, O’Malley also will require these individuals to disclose any direct or indirect contact with agencies/departments they had contact with for an additional three years…
• Implement a financial transaction tax. The tax will be well-designed not to soak
  financial traders, but to fix bad incentives for speculation that comes at the cost of
  real job-creating investment.

Here’s the full plan.

By: Alan

Alan Colmes is the publisher of Liberaland.