#AceNewsReport – WASHINGTON:June.13: Clinton announced her candidacy by blaming Republicans for the fact that inequality in the US has been increasing and Wall Street managers and CEOs have expanded their share of the economy while overlooking how that trend started during her husband’s administration.
Hillary Clinton officially announced her candidacy today saying that she intends to reshape the US economy so it works for more Americans rather than just those on the wealthier end of the spectrum. However, she overlooked her husband’s role in bank deregulation that led to an increase in inequality and the crash of 2008.
“These Republicans trip over themselves promising lower taxes for the wealthy and fewer rules for the biggest corporations without regard for how that will make income inequality even worse,” Clinton said in her speech.
The Republican candidates in the 2016 cycle are continuing to push for the same damaging policies, Clinton argues.
“They pledge to wipe out tough rules on Wall Street, rather than rein in the banks that are still too risky, courting future failures. In a case that can only be considered mass amnesia.”
The choice of Roosevelt Island, named after and dedicated to Franklin Delano Roosevelt stands as an ironic symbol given that Hillary Clinton’s husband, President Bill Clinton, undid key legislation that Roosevelt enacted to end The Great Depression and rein in runaway financial institutions.
President Clinton’s tenure was characterized by financial deregulation which set the stage for the expanded deregulation during the administration of George W. Bush, during the end of which the economy crashed. Clinton signed the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation Roosevelt had put in place. Bill Clinton also signed the Commodity Futures Modernization Act, exempting credit-default swaps from regulation.
Bill Clinton would likely have a significant advisory role should the couple return to the White House.