With Glass-Steagall Revival, A Call to Bust Up the Megabanks

Published on Friday, July 12, 2013 by Common Dreams

Five years after financial collapse, says Sen. Warren, and biggest banks are now bigger than ever

- Jon Queally, staff writer

US Sen. Elizabeth Warren (D-MA) and others on Thursday introduced a new bill that revives the call to bust up the nation’s largest banks and financial institutions by once again demanding a separation between the traditional banking practices of savings and loans from the far riskier behavior taken on by large investment, complex trading, and hedge fund operations.

The legislation, called the 21st Century Glass-Steagall Act, is designed as the modern version of the Banking Act of 1933 (the original Glass-Steagall) whose repeal in 1999 many credit with ushering in the banking deregulations that spawned the housing crisis and financial collapse of 2008.

Despite repeated efforts to “break up the big banks” by public interest groups and some legislators, all of those efforts—despite the destructive recession, foreclosure crisis, and unemployment epidemic—have been thwarted by the politically powerful financial industry represented by Wall Street lobbyists and others.

“The four biggest banks are now 30% larger than they were just five years ago,” said Sen. Warren, “and they have continued to engage in dangerous, high-risk practices that could once again put our economy at risk. The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.”

Reporting to the development, Huffington Post’s Zach Carter comments:

The legislation is unlikely to be signed into law, but underscores a deepening rift between the House and Senate over financial accountability. While bipartisan coalitions in the House have been moving legislation to deregulate swaps — the complex financial products at the heart of the 2008 banking collapse — a host of Senate bills cracking down on Wall Street risk have garnered Democratic and GOP support.

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5 Responses to With Glass-Steagall Revival, A Call to Bust Up the Megabanks

  1. Pingback: Glass-Steagall Act | Sunset Daily

  2. Kanga Moo says:

    As the great Leonard Cohen song “Anthem” says….THERE IS A CRACK, A CRACK IN EVERYTHING, THATS HOW THE LIGHT GETS IN, THATS HOW THE LIGHT GETS IN…Senator Elizabeth Warren is a Champion…Ron Paul is a Champion and they sit and move amongst other CHAMPIONS…The word CHAMPION is not given LIGHTLY to people….Champions are WINNERS…People who break through painbarriers…who never acknowledge defeat even when what they are persuing seems impossible….On and on the CHAMPION goes….Even when most others are saying… C’mon give up this hopeless persuit…You know you can never do this…Its impossible….It will end up Killing you…
    If you have ears to hear…and eyes to see….and the rupture under your nose to breath….Get behind these CHAMPIONS….If THE CHAMPIONS LIKE SENATOR WARREN & OTHERS LIKE HER DON’T PERSIST..THE THIEVING SCUMBAGS THAT OPERATE THE CRIMINAL FINANCIAL SYSTEM Based in the USA….COMBINED WITH EQUALLY CRIMINAL GOVERNMENTS in the USA….AIDED AND ABETTED BY BOUGHT AND PAID FOR MAINSTREAM MEDIA [ Owned by the criminal Banks in the USA ] Are going to STEAL and PLUNDER EVERYTHING YOU HAVE….The question then is simple are you going to give up…. or get behind these CHAMPIONS…THIS LEGISLATION IS THE BIGGEST MOVE THAT I CAN REMEMBER TODATE TO BREAK UP THESE CRIMINAL ORGANIZATIONS…And I’m not even an AMERICAN CITIZEN….But I can assure you USA Politics are effecting every country on the planet…What right have you got to do that ?…Do you want the answer…NONE.

    • Jean says:

      Oh, m’gosh! I do so agree with your words here! Everyone needs to read them! We need to back these people. Elizabeth Warren has refused to go away. They thought they’d gotten rid of her, and now she’s back as a Senator, and she hit the ground running and hasn’t stopped yet. She just keeps picking away at them, and that’s why, like Neil Keenan’s news, I publish everything about her that I can. She picks her fights, and she just doesn’t quit! Thanks and hugs, ~Jean

      PS Did you see that not too long ago I published Anthem? It’s one of my favorites. Here’s the link: http://jhaines6.wordpress.com/2013/06/26/anthem-leonard-cohen-best-watched-in-full-screen-j/

  3. Kaya says:

    With absolute LOVE I say: reform them!

  4. diqiuren says:

    Lindon La Rouche has been campaigning for this for years and years!

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