Glass-Steagall Act Would Be Revived In New Bill From Elizabeth Warren, Bipartisan Coalition


Glass-Steagall Act Would Be Revived In New Bill From Elizabeth Warren, Bipartisan Coalition

WASHINGTON — A bipartisan group of four senators that includes Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) introduced an updated version of the landmark Glass-Steagall Act on Thursday, aimed at reining in risk at America’s largest Wall Street banks.

The legislation is unlikely to be signed into law, but underscores a deepening rift between the House and Senate over financial accountability. While bipartisan coalitions in the House have been moving legislation to deregulate swaps — the complex financial products at the heart of the 2008 banking collapse — a host of Senate bills cracking down on Wall Street risk have garnered Democratic and GOP support.

The new bill, which is also cosponsored by Sens. Maria Cantwell (D-Wash.) and Angus King (I-Maine), would require banks that accept federally insured deposits to focus on traditional lending and would bar them from engaging in risky securities trading. The separation between lending and trading was originally imposed in 1933 by the Glass-Steagall Act. Cantwell and McCain previously introduced the plan as an amendment to the 2010 Dodd-Frank financial reform bill, but the largely symbolic bill was never approved. The legislation introduced today would also bar banks that accept insured deposits from dealing swaps or operating hedge funds and private equity enterprises.

“Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the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,” McCain said in a written statement. “Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits.”

Rest from The Huffington Post here…

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Comments
4 Responses to “Glass-Steagall Act Would Be Revived In New Bill From Elizabeth Warren, Bipartisan Coalition”
  1. Stanley Putra says:

    Good Job Elizabeth Warren!
    Stanley Putra

  2. The public needs to rally around this bill and push to pass it. Call email and send letters to your representatives. And vote out the representatives that are holding us hostage to the banks.

  3. Yode says:

    Why is this news now? I had been wondering why Elizabeth Warren had not been active in this fight. Sen. Tom Harkin of Iowa intorduced Sen. bill S 985 on May 16th which is a companion bill to HR 129 (sponsored by Congresspeople Marcy Kaptur (OH) and Walter Jones back on January 3rd) and currently having over 60 co-sponsors. Of course, the corporate controlled media reports very little on this with exception of attempting to downplay its prognosis of survival. Fact is, the banksters are very afraid of this. So much so, that JPMorgan Chase sent their top lobbyist to a Delaware committee meeting last month in an attempt to convince the members that it was a waste of time to even consider such legislation. Glass-Stegall is not the cure-all end-all, but its re-instatement will securely drive a stake into the heart of the fraudulent financial system which is funding much of the internal corruption within our Nation as well as others. For example, I’ll bet you didn’t know that the “Crown” stated, “if the US were to re-enact Glass-Stegall, it would be deemed an act of war.” PLEASE hound your congress and senate members and tell them that if they don’t get on board and ram this legislation through UNAUDITED FROM ITS ORIGINAL VERSION, you will do everything in your power to expose them as agents of the criminal banksters and have them voted out of office, or better yet, have them recalled. Learn more about the fight to restore Glass-Stegall here: http://larouchepac.com/glass-steagall
    Become active, erect signs and posters, educate your friends and neighbors on why Glass-Stegall MUST be re-enacted if we are to survive as a independent and free Nation. If you do nothing but complain, you have no one to blame but yourself when your slavery has become permanent and irreversible.

  4. 1ofthemany says:

    Is this another stall look over here while we continue to do you in over here, trust no one, do your due diligence, stripes has mentioned this many times “the corporations”
    all needs to change/be abolished/do not use their products for the good of all and not the gov (corp)

    interviewee states “All One Bank” now do yo get it they are giving us a little info? always goes deeper
    also don’t let RT news put your brain in a box as it is just their spin, you will find the true news if you look deep enough, question all.

    http://www.youtube.com/watch?feature=player_embedded&v=c7E9SUwlooE#at=252

    good luck all …stand strong have faith in YOURSELF not the mouth piece
    less griping more doing

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