Warren, McCain Reintroduce Modern Glass-Steagall Act

Law360, Los Angeles (April 6, 2017, 10:12 PM EDT) -- U.S. Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., and others said Thursday they are reintroducing a modern-day Glass-Steagall Act, the Depression-era law that separated retail banks from investment banks, which has already received bipartisan support, including from President Donald Trump.

The 21st Century Glass-Steagall Act, first introduced four years ago by Sens. Warren, McCain, Maria Cantwell, D-Wash., and Angus King I-Me., proposes re-establishing the line separating investment banking and traditional banking. Glass-Steagall was repealed in 1999, and the lawmakers say a modern version will protect American taxpayers and avert future financial crises.

“We’ve made some real progress since Wall Street’s high-risk...

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