Warren, McCain Look to Revive Un-Resuscitable Glass-Steagall
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U.S. banks are under even further scrutiny Thursday as Senator Elizabeth Warren, with Senators Maria Cantwell and John McCain, is pushing for a new Glass-Steagall Act.
In an emailed statement to Bloomberg today, Warren said that progress to keep the big banks under control has been significant since 2008, but there is still more work to do to make
Warren also testified in from of a Senate Banking Committee today, saying that, although she didn't expect immediate backing, she'll keep pushing the measure.
McCain commented to Bloomberg,
This isn't the first time since 2008 when regulators have moved to limit the size of big banks; in 2010, Democrats, Sherrod Brown of Ohio and Ted Kaufman of Delaware sponsored an amendment to Dodd-Frank was defeated 61-33.
The proposal calls for a separation of FDIC-insured traditional banks from those with
U.S. markets closed higher today.
In an emailed statement to Bloomberg today, Warren said that progress to keep the big banks under control has been significant since 2008, but there is still more work to do to make
our financial system more stable and secure, and protect American families.
Warren also testified in from of a Senate Banking Committee today, saying that, although she didn't expect immediate backing, she'll keep pushing the measure.
McCain commented to Bloomberg,
Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the banking world.
This isn't the first time since 2008 when regulators have moved to limit the size of big banks; in 2010, Democrats, Sherrod Brown of Ohio and Ted Kaufman of Delaware sponsored an amendment to Dodd-Frank was defeated 61-33.
The proposal calls for a separation of FDIC-insured traditional banks from those with
riskieroperations, like investment banks, hedge funds, private equity, and insurance.
U.S. markets closed higher today.
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