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Bernie Sanders Ties Himself to FDR, Calls for a New Glass-Steagall

Posted on
February 24, 2016
by Andrew Cullen
Reigning in Wall Street is a policy platform that defines Bernie Sanders’ entire economic agenda. His opponents even say that he talks about it so often he might as well be considered a single-issue candidate.

And, as Sanders sees it, the reinstatement of a modern version of The Glass-Steagall act is a central part of “reigning in Wall Street."

Bernie Sanders Pushes Glass-Steagall 2.0

Sanders’ ad, simply titled “Glass-Steagall,” starts by drawing on some parallels between the Great Depression in the 1930s and the 2008 financial crisis.

The Glass-Steagall act was a series of provisions enacted by Franklin Delano Roosevelt after the Great Depression, which broke up major financial institutions in th4e United States. By Sanders’ calculation, American economic hardship would be remedied by similar legislation today.

As the ad explains, after Roosevelt signed the legislation Wall Street bankers began attacking him – perhaps a parallel to Sanders himself who, to his credit, has been the subject of many attacks from the financial sector. Not to mention, Sanders often invokes FDR when he is challenged on his definition of Democratic Socialism.

The ad goes on to praise the legislation for keeping a lid on Wall Street for 60 years – until it was repealed in 1999… under a President Clinton, mind you.

Then in a not-so-veiled shot at Hillary Clinton, the ad’s narrator says, “Wall Street showers Washington with contributions, so they answer to Wall Street.” That’s a rebuttal to a vow Clinton made at a debate that Wall Street donations to her campaign wouldn’t influence her in any way – a claim Sanders took considerable issue with.

Democrats Prepare for Some Southern Hospitality

The next contest for Sanders and Clinton is the South Carolina Democratic Primary on Saturday. Unlike Iowa, New Hampshire and Nevada, Clinton has been able to hold on to her double-digit lead over Sanders there.

But the Northeast states will begin voting on Super Tuesday, March 1. Maybe this ad will work better for Sanders when it hits voters closer to home.
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