Last week, four senators that include Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) introduced a bill to reinstate the Glass-Steagall Act.
Three cheers for Elizabeth Warren!
Yesterday she launched a wire-guided Scud missile at the too-big-to-fail banks.
The freshman senator from Massachusetts, formerly a Harvard Law School professor specializing in bankruptcy law, introduced her “21st Century Glass-Steagall Act” co-sponsored with Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine).
Elizabeth Warren (D-Mas.s) , John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus Kin (I-Maine) introduced legislation that would again separate bank’s traditional activities (like deposits currently backed by the Federal Deposit Insurance Corp.) from riskier activities like investment banking, insurance underwriting, swap dealing, and hedge funds.