"WASHINGTON, May 5 (Reuters) - Bernie Sanders, a self-described socialist U.S. senator who has launched a bid for the 2016 Democratic presidential nomination, said on Tuesday he will introduce a bill to break up the biggest banks, a position far to the left of the party's front runner, Hillary Clinton.
Calls for Wall Street's largest firms to be cut down were numerous after taxpayers spent billions of dollars to prevent the financial system from collapse during the 2007-09 financial crisis, but they have since gradually died down.
Sanders faces long odds against Clinton's fund-raising might, and his views might help position the former secretary of state and first lady more as a moderate and buttress her efforts to attract money from banks' deep pockets.
Under the Sanders proposal, regulators on the existing Financial Stability Oversight Council would compile a list of institutions that are 'too big to fail' and implicitly rely on government support during a crisis.
"If an institution is too big to fail, it is too big to exist," Sanders said in a statement."
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