What should the approximately $100 billion in fines and penalties paid thus far by the big banks to the U.S. government in connection with the financial crisis be used for?
According to former President Bill Clinton, the money should be used to build ‘new infrastructure’ to support a ‘new American economy.’
Clinton made the remarks in a speech at the annual meeting of the Securities Industry & Financial Markets Association in New York, according to Bloomberg News.
As the report points out, during his second term, Clinton signed into law one of the biggest overhauls of the nation's banking regulations, undoing the Depression-era Glass-Steagall Act that separated commercial and investment banking. Many on Wall Street said this was a mistake in that it led to the ‘too big to fail’ phenomenon.
For more, check out the Bloomberg News report.