U.S. Sen. Elizabeth Warren (D-MA) and New York City Mayor Bill De Blasio joined Nobel Prize winning economist Joseph Stiglitz in introducing a plan to combat income inequality in the U.S. Tuesday.

The plan stems from a report released by the Roosevelt Institute. The report calls for the end of the "too big to fail" theory for big banks and financial institutions, the sizes of which need to be capped, according to plan. The report also details the need for a financial transaction tax and pushes for increased penalties for new CEO pay schemes and banks that are found to have been involved in shady activities.

Read the full report here.