Common Dreams reports on Senator Bernie Sander’s new proposal to break up the biggest banks, which have become both too big to fail and too big to jail. They are so big that the top six banks have assets equal to 2/3 of America’s gross national product.

Sanders announced he would introduce legislation to break up the largest financial institutions. . . . Sanders’ bill would give Treasury Secretary Jacob Lew 90 days to compile a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. The affected financial institutions would include “any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance.”

Within one year after the law takes effect, the Treasury Department would be required to break up those banks, insurance companies, and other financial institutions identified by the secretary.