The interviewer doesn't talk about his bill. Bernie doesnt directly reference his bill. They are both talking about now and about Dodd-Frank and about the powers of the Treasury and Fed Reserve right now. If he is assuming that the people already have the powers outlined in his bill I find that even more troubling. I mean, that just makes him appear more confused to me than if he was simply ignorant.
I agree its not clear, but if he thinks the Secretary of Treasury already has the power to do what is being talked about, why would he say they need to be "given" the power? It's the interviewer who keeps switching between asking about the Fed and the Treasury as if they are the same thing. It makes the conversation difficult to follow. And Sanders is correct that it is unclear whether the Fed would have that power:
From the article I quoted:
New York TimesIt makes sense for Mr. Sanders to hedge here about the Fed. The Daily News asks if the Fed has that power “now.” As we have seen, the Fed currently has a lot of power but maybe not all the power it might require to break up the banks without facing serious legal challenges from the financial industry. And Mr. Sanders is also correct that an administration can obtain that power — that is what his bill is for.
I think the exchange you quoted was Sanders arguing against the implication that the government has any power to tell the financial services industry what to do at all. He's pointing out the Fed already has the authority to tell the banks "Now you must do X, Y, Z".
This was an exchange from further down in the interview:
Daily News: But when you were mayor of Vermont...
Sanders: Burlington.
We are not exactly talking about a high minded set of interlocutors here.
And lets be honest, there is no way that his bill or any kind of bill like that is passing. If he is going to break up the banks or at least curb their influence somehow within the first year like his campaign said then he is going to need to use existing powers. He has no realistic plan to do that.
I agree, but that gets into a different debate: Whether every proposal from a Presidential candidate needs to be "politically realistic". I'm not sure that is the case.
Like what? What good reasons? Can you provide examples of regulatory bills that were passed that were so bare bones to the point where Mother Jones described his bill as no plan at all? And Dodd-Frank was the size of War and Peace.
Like I said, I agree it wasn't a serious bill. My point is that regulatory agencies do require some discretion in order to be able to react to contingencies and account for the need for professional expertise in a particular field. Congress isn't composed of doctors, scientists and engineers, after all.