"Warren Joins McCain to Push New Glass-Steagall Law for Banks"

[applegrove]

Warren Joins McCain to Push New Glass-Steagall Law for Banks

By Carter Dougherty & Cheyenne Hopkins at Bloomberg News

http://www.bloomberg.com/news/2013-07-11/warren-joins-mccain-to-push-new-glass-steagall-bill-for-banks.html

"SNIP.................................


.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

“Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.

Warren, who announced plans for the bill at a Senate Banking Committee hearing on Dodd-Frank Act implementation, told regulators testifying before the lawmakers that she didn’t expect them to back her right away.


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[MotherPetrie]

1. K&R

[Cha]

2. Wow.. McCain's on board, too.. maybe it will get passed

in the Senate.

thanks applegrove

[xtraxritical]

3. I'm pessimistic about House passage but K&R!

[ReRe]

4. K&R