Elizabeth Warren Introduces 21st Century Glass-Steagall Act
From the article:
This bill will reverse the trend of bloated, centralized banking, breaking the Big Banks into smaller firms with more accountability. These firms won't be able to gamble with derivatives using your money -- they would have to gamble with their own money.
What'cha think?
From the article:
At todays Senate Banking Committee hearing, Elizabeth Warren introduced the 21st Century Glass-Steagall Act of 2013, co-sponsored by Senators McCain, Cantwell, and King. This new bill mirrors the original 1933 Glass-Steagall Act, which separated traditional banking activity (like checking and lending) from the riskier activity investment banking (like derivatives).
The original law was repealed in 1999 by the Gramm-Leach-Bliley Act, though Glass-Steagall had been eroding for years leading up to that point. Gramm-Leach-Bliley, along with several laws passed during that era, allowed the big banks to transform into megabanks, creating too big to fail.
What'cha think?