Sens. Float Bill Renewing Glass-Steagall Act

Law360, New York (July 11, 2013, 6:33 PM EDT) -- A group of U.S. senators led by Sens. Elizabeth Warren, D-Mass., and John McCain, R-Ariz., on Thursday introduced legislation that would reinstitute a modernized version of the Glass-Steagall Act, which separated retail from investment banking.

The senators say their bill, the 21st Century Glass-Steagall Act, would lessen the likelihood of a future financial crisis by separating the basic functions of banking, like issuing mortgages and providing checking and savings accounts, from more exotic investment banking and insurance activities.

“The 21st Century Glass-Steagall Act will re-establish a...
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