Photo: Joshua Lott/Getty Images

Sen. Bernie Sanders introduced the ‘‘Too Big To Fail, Too Big To Exist Act’’ on Wednesday, which would cap the exposure of U.S. financial companies to no more than 3% of gross domestic product, or about $584 billion.

Why it matters: By the bill's standards, several banks — including Wells Fargo, Goldman Sachs, and J.P. Morgan — and other companies like AIG and MetLife would need to shrink their assets or break up. This legislation, which is extremely unlikely to move forward, comes one day after Sanders took a victory lap for Amazon raising its minimum wage (which he had called for).

Many of the banks called out by Sanders forwarded requests for comment to the Financial Services Forum, whose members include all of the big bank CEOs. The group released the following statement:

”To have a large, strong economy that supports households and businesses big and small, you must have large, strong, global banks. The banking industry and governments around the globe have made enormous strides during the past decade to ensure that large banks are safe and sound and that no institution is too big to fail.  Policymakers must neither ignore the progress that has been made nor the essential role of large financial institutions in our economy.”

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 33,867,247 — Total deaths: 1,012,341 — Total recoveries: 23,537,059Map.
  2. U.S.: Total confirmed cases as of 8 p.m. ET: 7,229,319 — Total deaths: 206,887 — Total recoveries: 2,840,688 — Total tests: 103,939,667Map.
  3. Education: School-aged children now make up 10% of all U.S COVID-19 cases.
  4. Health: The coronavirus' alarming impact on the body.
  5. Business: Real-time data show economy's rebound slowing but still going.
  6. Sports: Steelers-Titans NFL game delayed after coronavirus outbreak.
Ina Fried, author of Login
2 hours ago - Technology

Facebook removes Trump ads tying refugees to COVID-19

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook said Wednesday that it was removing a series of ads from President Trump's campaign that linked American acceptance of refugees with increased coronavirus risk, a connection Facebook says is without merit.

Why it matters: The ads were pulled after they received thousands of impressions and are a sign that the Trump campaign continues to test the limits of social media rules on false information.

Over 73 million people watched the first debate on TV

Data: Nielsen; Chart: Andrew Witherspoon/Axios

More than 73.1 million people watched the first presidential debate on television on Tuesday night, according to Nielsen ratings.

Why it matters: While that's a sizable audience for any American TV program, it's down more than 13% from the record number of TV viewers who tuned in for the first debate of the 2016 election. The chaotic nature of the debate and the overall uncertainty around this year's election may have pushed some viewers away.