REUTERS - A top aide to Democratic presidential candidate Hillary Clinton on Monday criticized rival Bernie Sanders' proposals to regulate Wall Street transactions as a "hands-off approach" that does nothing to address some of the riskiest financial institutions.
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Clinton's Chief Financial Officer Gary Gensler, a former chair of the Commodity Futures Trading Commission, said in a statement to Reuters that Sanders should use the opportunity to "go beyond his existing plans" to break up too-big-to-fail banks and endorse a risk-based approach that also deals with non-bank financial institutions.
"Any plan to further reform our financial system must include strong provisions to tackle risks in the 'shadow banking' sector, which remains a critical source of instability in our economy," Gensler said.