Senators Warren and McCain Offer New Glass-Steagall Bill
The NY Times reports that Elizabeth Warren, who came to Washington to reform the banking industry, has teamed up with John McCain to introduce legislation to restore a modernized version of the Depression-era Glass-Steagall Act, repealed in 1999. Says Barry Ritholz of The Big Picture who is quoted in the Times piece.:
For about 70 years, Glass-Steagall managed to keep the riskier, more damaging part of Wall Street away from what should be the boring, straightforward side of finance. It was the height of stupidity repealing Glass-Steagall.
This should be interesting.Tags: banking, Politics