Senators Introduce 21st Century Glass-Steagall Act
Elizabeth Warren, Maria Cantwell, John McCain and Angus King introduced the 21st Century Glass-Steagall Act into the US Senate yesterday. The bill does not yet have a number, but the four Senators, who introduced the same legislation into the Senate during the last session, released a press release yesterday, accompanied by the text of the 36-page bill and a one-page fact sheet.
Maria Cantwell was quoted in the release that “Americans have suffered enough from big banks making them their deep pockets for reckless behavior. It’s time to separate commercial from investment banking.”
Elizabeth Warren was quoted that
John McCain added,
It is no coincidence that the Senate bill was finally introduced at a moment when the entire trans-Atlantic financial system is on the edge of disintegration, with the eurozone on the verge of break-up, and with US too-big-to-fail banks now sitting on $26.5 trillion in gambling debt, subject to taxpayers bailout, according to a recent report from the Richmond Federal Reserve Bank—not to mention the $2 quadrillion in global derivatives that have taken over the trans-Atlantic financial system.
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