Sanders said his bill would give Treasury Secretary Jacob Lew 90 days to make a list of commercial banks, investment banks, hedge funds and insurance companies that he deems too big to fail. One year later, the Treasury Department would be required to break up those financial institutions identified by the secretary.

“If an institution is too big to fail, it is too big to exist,” Sanders said. “We need to break up these institutions because of the tremendous damage they have done to our economy.”

Sanders opposed the $700 billion bank bailout after the financial crisis in 2008. He added that the 10 largest banks in the United States have only grown since the taxpayer bailout.

“No single financial institution should be so large that its failure would cause catastrophic risk to millions of American jobs or to our nation’s economic wellbeing,” Sanders said. “No single financial institution should have holdings so extensive that its failure could send the world economy into crisis.”

Sanders said that U.S. banks have become so big that the six largest financial institutions in the United States — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — have nearly $9.6 trillion in assets.