Mike Bloomberg 2020

Mike’s Plan:

  • Strengthen the financial system to ensure that Wall Street’s mistakes never again threaten the livelihoods of millions of Americans.
  • Reinforce measures to protect consumers and ensure the financial system serves all Americans.
  • Harness the power of the financial system to address America’s most pressing challenges.

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Mike’s Plan:

Strengthen the financial system’s safeguards to protect the livelihoods of Americans

Mike will prevent another financial crisis of the scale of 2008 by ensuring that the economic system can withstand shocks without requiring taxpayer bailouts. Mike will restore and strengthen key measures taken in the wake of the 2008 financial collapse that Donald Trump has worked to eliminate. Mike will improve America’s ability to anticipate and prevent future crises by restoring funding to the Office of Financial Research, requiring large financial institutions to monitor their risk exposure, and creating a centralized record of all transactions in the markets. He will also deter financial crimes by creating a dedicated corporate crime group at the Department of Justice, enhancing whistleblower protections, and encouraging prosecutors to pursue individuals, not only corporations, for infractions.

Revive measures to protect consumers

Mike will ensure the American economy is designed to give everyone equal protection and an equal opportunity to succeed. He will restore critical consumer protections overturned by the Trump administration – including rules to rein in payday lending, ensuring investment advice prioritizes people’s best interests, and preserving customers’ right to sue financial institutions. Mike will strengthen the Consumer Financial Protection Bureau by fortifying funding and expanding its jurisdiction to include auto lending and credit reporting. He will also ensure that all Americans have equitable access to credit, banking services, and financial opportunity regardless of race, gender, or other characteristics. Mike’s plan eliminates exorbitant overdraft fees, curbs abusive debt-collection practices, and makes credit reporting companies more responsible for the personal data they manage. Mike’s plans also addresses America’s crushing student debt crisis.

Harness the power of the financial system to address the world’s most pressing challenges

Mike will encourage innovations that support prosperity, reduce inequality, ensure America remains the center of global ingenuity, and address the climate crisis. He will encourage better environmental stewardship by requiring companies to report on climate change risks in their regular financial statements. Mike will also introduce a tax of 0.1% on all financial transactions to raise revenue needed to address wealth inequality, and support other measures — such as a speed limit on trading — to curb predatory behavior and reduce the risk of destabilizing “flash crashes.” Finally, Mike will promote healthy competition in financial services by creating a “regulatory sandbox” where startups can test concepts, and by providing a clear regulatory framework for cryptocurrencies.

Learn more about Mike’s Financial Reform policy

Mike’s Record:

Mike has long called for smarter, more efficient and transparent regulation that lets the financial sector thrive while being held accountable.

As Mayor, Mike had a strong record of enhancing consumer protections and advancing economic opportunity for every New Yorker. Mike created the Center for New York City Neighborhoods, which provided $2.3 million in grants to families affected by the 2007-2008 crisis. He also partnered with the CFPB to help other American cities adopt New York’s model approach to consumer protection and financial empowerment.

As a businessman and philanthropist, Mike has led efforts to harness the financial system for public benefit: Mike chaired the Task Force on Climate-related Financial Disclosures, which sought to improve corporate reporting on climate risks.

Learn More About Mike's Plans