ECONOMISTS AND FINANCIAL EXPERTS IN FAVOR OF SEN. SANDERS’ WALL ST. REFORMS In our view, Sen. Bernie Sanders’ plan for comprehensive financial reform is critical for avoiding another “too-big-to-fail” financial crisis. The Senator is correct that the biggest banks must be broken up and that a new 21st Century Glass-Steagall Act, separating investment from commercial banking, must be enacted. Wall Street’s largest banks are now far bigger than they were before the crisis, and they still have every incentive to take excessive risks. No major Wall Street executive has been indicted for the fraudulent behavior that led up to the 2008 crash, and fines imposed on the banks have been only a fraction of the banks’ potential gains. In addition, the banks and their lobbyists have succeeded in watering down the Dodd-Frank reform legislation, and the financial institutions that pose the greatest risk to our economy have still not devised sufficient “living wills” for winding down their operations in the event of another crisis. Secretary Hillary Clinton’s more modest proposals do not go far enough. They call for a bit more oversight and a few new charges on shadow banking activity, but they leave intact the titanic financial conglomerates that practice most shadow banking. As a result, her plan does not adequately reduce the serious risks our financial system poses to the American economy and to individual Americans. Given the size and political power of Wall Street, her proposals would only invite more dilution and finagle. The only way to contain Wall Street’s excesses is with reforms sufficiently bold and public they can’t be watered down. That’s why we support Senator Sanders’s plans for busting up the biggest banks and resurrecting a modernized version of GlassSteagall. Signers (Institutional listing for identification purposes only): 1. Robert Reich, University of California Berkeley 2. Robert Hockett, Cornell University 3. James K. Galbraith, University of Texas 4. Dean Baker, Center for Economic and Policy Research 5. Christine Desan, Harvard Law School 6. Jeff Connaughton, Former Chief of Staff, Senator Ted Kaufman 7. William Darity Jr., Duke University 8. Eileen Appelbaum, Center for Economic and Policy Research 9. Brad Miller, Former U.S. Congressman and Senior Fellow, Roosevelt Institute 10. William K. Black, University of Missouri-Kansas City 11. Lawrence Rufrano, Research, Federal Reserve Board, 2005-2015 12. Darrick Hamilton, New School for Social Research
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Peter Eaton, University of Missouri-Kansas City Eric Hake, Catawba College Geoff Schneider, Bucknell University Dell Champlin, Oregon State University Antoine Godin, Kingston University, London, UK John P. Watkins, Westminster College Mayo C. Toruño, California State University, San Bernardino Charles K. Wilber, Fellow, Joan B. Kroc Institute for International Peace Studies, University of Notre Dame Fadhel Kaboub, Denison University Flavia Dantas, Cortland State University Mitchell Green, Binzgar Institute Bruce Collier, Education Management Information Systems Winston H. Griffith, Bucknell University Zdravka Todorova, Wright State University David Barkin, Universidad Autonoma Metropolitana-Xochimilco Rick Wicks, Göteborg, Sverige (Sweden) & Anchorage, Alaska Philip Arestis, University of Cambridge Amitava Krishna Dutt, University of Notre Dame John F. Henry, Levy Economics Institute James G. Devine, Loyola Marymount University John Davis, Marquette University Gary Mongiovi, St. John’s University Eric Tymoigne, Lewis & Clark College Trevor Roycroft, Ohio University James Sturgeon, University of Missouri-Kansas City Spencer J. Pack, Connecticut College Thomas Kemp, University of Wisconsin - Eau Claire Ronnie Phillips, Colorado State University John Dennis Chasse, SUNY at Brockport Pavlina R. Tcherneva, Bard College Silvio Guaita, Institution, Federal University of Rio de Janeiro (UFRJ) Glen Atkinson, University of Nevada, Reno William Van Lear, Belmont Abbey College James M. Cypher, Universidad Autónoma de Zacatecas Philip Pilkington, Political Economy Research Group, Kingston University Eric Hoyt, PhD candidate, UMass-Amherst Jon D. Wisman, American University James K. Boyce, University of Massachusetts Amherst Hendrik Van den Berg, Professor Emeritus, Universities of Nebraska Thomas E. Lambert, Northern Kentucky University Michael Nuwer, SUNY Potsdam Nikka Lemons, The University of Texas-Arlington Scott T. Fullwiler, Wartburg College Charles M A. Clark, St. John's University John T. Harvey, Texas Christian University
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Daphne Greenwood, University of Colorado-Colorado Springs Gerald Epstein, University of Massachusetts Amherst Mohammad Moeini-Feizabadi, PhD candidate, University of Massachusetts Rebecca Todd Peters, Elon University Andres F. Cantillo, University of Missouri-Kansas City Michael Meeropol, Professor Emeritus of Economics, Western New England University Robert H. Scott III, Monmouth University Timothy A Wunder, Department of Economics University of TexasArlington Mariano Torras, Adelphi University Gennaro Zezza, Levy Economics Institute Wolfram Elsner, University of Bremen Larry Allen, Lamar University John Miller, Wheaton College Chris Tilly, UCLA Sean Flaherty, Franklin and Marshall College Clifford Poirot, Shawnee State University Anita Dancs, Western New England University Calvin Mudzingiri, University of the Free State Roger Even Bove, West Chester University Andrea Armeni, Transform Finance Anwar Shaikh, New School for Social Research Steven Pressman, Colorado State University Frank Pasquale, University of Maryland, Carey School of Law John Weeks, SOAS, University of London Matías Vernengo, Bucknell University Thomas Masterson, Levy Economics Institute Antonio Callari, Franklin and Marshall College Avraham Baranes, Rollins College Janet Spitz, the College of Saint Rose Nancy Folbre, University of Massachusetts Amherst Jennifer Taub, Vermont Law School Irene van Staveren, Erasmus University Yavuz Yaşar, University of Denver Scott McConnell, Eastern Oregon University Don Goldstein, Allegheny College J. Pérez Oya, Retired UN secretariat (Spain) Elaine McCrate, University of Vermont Thomas E. Weisskopf, University of Michigan Jeffrey Zink, Morningside College Scott Jeffrey, Monmouth University Lourdes Benería, Cornell University Frank Thompson, University of Michigan Baban Hasnat, The College at Brockport, State University of New York Ilene Grabel, University of Denver
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Tara Natarajan, Saint Michael's College Leanne Ussher, Queens College, City University of New York Kathleen McAfee, San Francisco State University Victoria Chick, University College London Steve Keen, Kingston University Heidi Mandanis Schooner, The Catholic University of America Louis-Philippe Rochon, Laurentian University Jamee K. Moudud, Professor of Economics, Sarah Lawrence College Timothy A. Canova, Shepard Broad College of Law, Nova Southeastern University Karol Gil Vasquez, Nichols College Mark Haggerty, University of Maine Luis Brunstein University of California, Riverside Cathleen Whiting, Willamette University William Waller, Hobart and William Smith Colleges Kade Finnoff, University of Massachuettes-Boston Maarten de Kadt, Independent Economist Timothy Koechlin, Vassar College Ceren Soylu, University of Massachusetts-Amherst Dorene Isenberg, University of Redlands Barbara Hopkins, Wright State University Matthew Rice, University of Missouri-Kansas City David Gold, The New School for Social Research Cyrus Bina, University of Minnesota Mark Paul, University of Massachusetts-Amherst Xuan Pham, Rockhurst University Erik Dean, Portland Community College Arthur E. Wilmarth, Jr., George Washington University Law School Rohan Grey, President, Modern Money Network Tamar Diana Wilson, University of Missouri—St. Louis Radhika Balakrishanan, Rutgers University Alla Semenova, SUNY Potsdam Yeva Nersisyan, Franklin and Marshall College Linwood Tauheed, University of Missouri-Kansas City Michael Perelman, California State University, Chico Janet T. Knoedler, Bucknell University David Laibman, Brooklyn College and Graduate School, City University of New York Ann Pettifor, Director, Policy Research in Macroeconomics, London Steve Schifferes, City University London Al Campbell, University of Utah Faith Stevelman, New York Law School Kathleen C. Engel, Suffolk University Law School Jack Wendland, University of Missouri-Kansas City Ruxandra Pavelchievici, University of Nice Sophia Antipolis Zoe Sherman, Merrimack College
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Donald St. Clair, CFP, Financial Planning Assoc. of Northern California Carolyn McClanahan, CFP, Life Planning Partners, Inc. Thomas Ferguson, Senior Fellow, Roosevelt Institute Saule T. Omarova, Cornell University Josh Ryan-Collins, City University, London June Zaccone, Hofstra University Alex Binder, Franklin & Marshall College Albena Azmanova, University of Kent, Brussels School of International Studies Hans G. Ehrbar, University of Utah Devin T. Rafferty, St. Peter’s University Reynold F. Nesiba, Augustana University David Zalewski, Providence College Claudia Chaufan, University of California-San Francisco L. Randall Wray, Levy Economics Institute and Bard College Richard B. Wagner, JD, CFP, WorthLiving LLC Joseph Persky, University of Illinois-Chicago Julie Matthaei, Wellesley College Peter Spiegler, University of Massachuetts-Amherst James Ronald Stanfield, Colorado State University William D. Pitney, CFP, Director of Advocacy, FPA of Silicon Valley Ora R. Citron, CFP, Oak Tree Wealth Management Susan Webber, Former Associate at Goldman, Sachs & Co. Richard D. Wolff, Democracy at Work and New School for Social Research Mu-JeongKho, University College London Kevin Furey, Chemeketa Community College
