Cohan writes: "In 2013, she joined with a bipartisan group of her fellow senators, including John McCain, Maria Cantwell and Angus King, to introduce what she called the 21st Century Glass-Steagall Act - an homage to the original law passed 80 years earlier."
Elizabeth Warren. (photo: America Rising PAC)
Elizabeth Warren's Crusade to Separate Investment and Commercial Banks
02 August 15
or reasons that are mystifying, the idea of separating investment banks from commercial banks — once the law of the land for more than 60 years — is again the rage among certain politicians.
The leading political proponent of this idea has been Senator Elizabeth Warren of Massachusetts, a former Harvard Law School professor who should know better. In 2013, she joined with a bipartisan group of her fellow senators, including John McCain, Maria Cantwell and Angus King, to introduce what she called the 21st Century Glass-Steagall Act – an homage to the original law passed 80 years earlier. It was created, she hoped, to make the financial system safer.
The goal, she wrote in the bill, was “to reduce risks to the financial system by limiting banks’ ability to engage in activities other than socially valuable core banking activities” and “to protect taxpayers and reduce moral hazard by removing explicit and implicit government guarantees for high-risk activities outside of the core business of banking.”
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