On the fifth anniversary of sweeping financial regulations and reforms, Martin O'Malley called on fellow 2016 Democratic presidential candidates to distance themselves from Wall Street.
"We have come a long way since the financial crisis, but our economy is still vulnerable to another collapse, and we haven't been able to rein in Wall Street misconduct," O'Malley said while speaking in Washington, D.C., on Thursday. "That's why every Democrat who is running for president needs to commit to finishing the job that Dodd-Frank started."
The former Maryland governor called on the other 2016 Democrats to embrace his four key Wall Street reforms to rein in big banks. O'Malley plans to revive the Glass-Steagall Act's wall between commercial and investment banking, close the revolving door between regulatory agencies and Wall Street, prevent the architects of deregulation from serving in key administration positions and impose harsh penalties for firms that break the law.
O'Malley seemed to call out Democratic front-runner Hillary Clinton in particular, stating that the next Democrat should have few ties to Wall Street and the big banks. He also claimed that the country is constrained by "the straitjacket of the way things are today" and that "we need to restore the public's trust" in order to follow through on the Wall Street agenda. Hillary Clinton has Wall Street ties and her husband signed into law some of the deregulation O'Malley criticizes.
"Any Democratic candidate who expects to succeed in the general election, I would encourage all of them to make some basic commitments that make real that promise of following through on Wall Street reform," O'Malley said.
Clinton gave a broad economic address last week, in which she said that "too big to fail is still too big a problem," but did not go into any further specifics. She plans to expand on her economic plans in the coming weeks.
"O'Malley and [Bernie] Sanders have called for breaking up 'too big to fail' Wall Street banks and a restoration of Glass-Steagall, and we hope to see similar systemic reforms proposed by Hillary Clinton soon," co-Progressive Change Campaign Committee co-founder Adam Green said in a statement. "The progressive movement is aligned behind Elizabeth Warren's call on presidential candidates to end the revolving door between Wall Street and government–and all Democratic candidates should promise a Treasury Secretary, Attorney General, SEC Chair, and other appointees who are committed to holding Wall Street accountable."