His polling stagnating, Bernie Sanders has unveiled the most radical plan yet to address the $1.6 trillion student loan crisis, proposing to cancel all student loan debt in the country—with Wall Street footing the bill. “Betsy DeVos and Donald Trump want to make it harder for young people to attend college and reward predatory lenders that keep students trapped in debt,” Sanders announced Monday. “We have a better idea: make public colleges and universities tuition-free and cancel all student debt.”

The proposal, which comes days before the first debate of the Democratic primary, would make public colleges and trade schools free and eliminate the debt currently held by 45 million Americans. Under Sanders’s plan, the costs would be offset by taxes on stocks, bond trades, and other transactions, the Washington Post reports. Sanders is working with Democratic Reps. Ilhan Omar and Pramila Jaypal, who also announced plans to introduce legislation in the House that would cancel student loan debt and make college tuition-free. “This proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation, the millennial generation, to a lifetime of debt for the ‘crime’ of doing the right thing — and that is going out and getting a higher education,” Sanders said Monday morning.

Other 2020 hopefuls, most notably Elizabeth Warren, have already released proposals to address the student debt crisis. Warren, who has set the standard for the 2020 field in articulating her agenda, announced a plan in April to cancel “up to $50,000 in student loan debt for 42 million Americans.” (Households earning more than $250,000 annually would not be eligible.) The plan, she wrote at the time, would eliminate the most or all Americans’ student debt and “give every American the opportunity to attend a two-year or four-year public college without paying a dime in tuition or fees”—all to be paid for via her proposed “ultra-millionaire tax.”

Now, Sanders is going even further, proposing to cancel all $1.6 trillion in outstanding student loan debt, even for the wealthy. The plan escalates a policy arms race with other top 2020 candidates as they prepare to share a debate stage for the first time on Wednesday and Thursday of this week. Joe Biden, the democratic frontrunner, Beto O’Rourke, who has struggled to find his footing in the jam-packed field, and Warren, who has been rising in the polls, have each released new plans in recent days to address issues ranging from immigration to veterans’ affairs to private prisons.

Sanders, who is polling in second in the early-going of the primary race, may not win over many moderates with his new debt forgiveness plan. Conservatives have contended that forgiving the loans could hurt economic growth, while some critics on the left argue that the benefits would accrue disproportionately to higher-income families. There are also reasonable questions to be asked about what a blank slate will do to rein in—or fuel—exploding college tuition costs. Still, studies have suggested that wiping out the crushing student debt could actually be a big boon for the economy—and it stands to reason that pairing debt forgiveness with new zero-tuition options would encourage more diverse candidates to apply. And while some older voters might balk, the proposal is likely to appeal to millennials, who have borne the brunt of the crisis. “The American people bailed out Wall Street,” Sanders said in unveiling his proposal Monday. “Now, it is time for Wall Street to come to the aid of the middle class in this country.”