Bank-Busting Bills Proposed In Senate, House

Law360, New York (December 17, 2009, 2:32 PM EST) -- Looking to break up U.S. financial services giants, Sens. Maria Cantwell, D-Wash., and John McCain, R-Ariz., have introduced a bill that aims to restore the Glass-Steagall Act and keep commercial banks from also being in the business of investment banking.

The bipartisan bill introduced Wednesday would keep commercial banks from joining forces with investment banks, and block officers, directors and employees of a commercial bank from serving in a similar position at an investment bank.

Commercial banks would also be prevented from engaging in insurance-related activities....
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