Clinton pursues sweeping Wall Street reforms
WASHINGTON, D.C. – Billionaire financiers let out a collective scream Monday night after President Hillary Rodham Clinton and Treasury Secretary Elizabeth Warren held a surprise joint White House press conference announcing a package of Wall Street reforms.
In addition to strengthening the Dodd-Frank Act — which reestablished federal oversight of the financial industry after the 2008 crash — Clinton proposed legislation increasing the capital gains tax, closing a loophole that billionaires have long exploited and that economists on both sides of the political spectrum believe has been kept artificially low for too long.
Clinton's aggressive pursuit of Wall Street reform angered Republicans almost as much as it shocked Bernie Sanders supporters, who seemed unaware that her tough approach to the financial industry was exactly what she promised to due while campaigning in the primaries and general election.
In a focus group held by CNN, Tom Potter, a self-described “Bernie Bro” who voted for Jill Stein in the general election, said he didn't believe Clinton would actually raise the super-wealthy's taxes or come down hard on Wall Street, "because speeches."
Increased revenue from the higher capital gains tax will allow the Clinton administration the unique opportunity to possibly balance the federal budget for the first time in over a decade. Excess funds are expected to go toward public schools nationwide, which Clinton promised to support throughout her campaign.