In November, the Trump Administration announced it would target “fraud and abusive practices” by big banks.
In the following months, the administration rolled out a list of targets.
These targets included: the Bank of America, and Morgan Stanley The aim of the Trump plan is to “require, deter, and penalize those that violate federal law,” according to a White House statement.
“This includes individuals, companies, and institutions that engage in fraud and abusive conduct,” the statement continued.
The White House added that the US Treasury will “take action against entities and individuals that engage in such activities,” and that “any entity that willfully violates the law will be subject to fines, disgorgement of funds, and imprisonment for up to 10 years.”
The list of targeted institutions was published in a memorandum written by US Attorney General Jeff Sessions.
It states that banks “may be prosecuted for their alleged participation in financial institutions that commit fraud, for engaging in abusive financial practices, and for failing to take adequate remedial action” when “the conduct involves the sale or loan of assets to the detriment of the bank or financial institution” and “failure to take corrective action on such conduct will result in the loss of bank assets.”
President Donald Trump’s administration has already begun targeting the biggest banks, including Barclays and JPMorgan Chase.
Barack Obama’s administration tried to crack down on the financial sector by cracking down on high-frequency trading and short selling.
President Trump’s campaign also targeted big banks by calling out their influence over politics.
Last year, the President’s campaign called for a financial transparency and “accountability” bill.
But the Trump-led administration has not yet brought the bill to a vote.
While the Trump’s plan is expected to be enacted into law in the near future, it will not apply to banks or financial institutions with a total of $10 billion or more.
There are a number of ways the Trump administration could bring down the Wall Street dominance.
For example, Trump could simply issue an executive order that requires banks to disclose their total assets and liabilities, as well as their assets and liabilities as of the end of each fiscal year.
In addition, the US Department of Justice could sue financial institutions to force them to disclose information about their total assets and total liabilities, according to Bloomberg News.
Trump could also make a similar effort to make it easier for big banks to be disciplined for their misbehavior.
These types of procedures could be used by the Trump/Pence administrations to target the largest financial institutions.
Wall Street’s influence over the US government is growing.
Over the last several decades, the US Government has built a massive financial infrastructure that has become the backbone of US society.
It is now the largest country in the world and the most influential government in the world to take advantage of the financial system.
To stop this government from taking advantage of this financial infrastructure is the only way for the US to ensure the future of the country. Follow a high frequency trading business, and invest in your own financial advisor on WallStreet.
This article was originally published by Financial News Now