Vermont Senator Bernard Sanders introduced legislation Friday that would have the US Secretary of the Treasury designate banks, securities firms and insurers that are too big to fail, and the power to break them up.

The “Too Big to Fail, Too Big to Exist Act” would aim to transform the financial system into companies small enough “that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout”.

• The bill
• Sanders video on Too Big to Fail