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WASHINGTON, D.C. – On the 81st anniversary of the signing of the Glass-Steagall Act of 1933, 162 state and national organizations led by Public Citizen and Americans for Financial Reform today call on the U.S. Senate to restore a wall between ordinary banks and riskier investment banks.

In a letter, the groups ask senators to co-sponsor the 21st Century Glass-Steagall Act (S. 1282), a measure introduced by a bipartisan group including U.S. Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Angus King (I-Maine) and Maria Cantwell (D-Wash.). S. 1282 now has nine Senate co-sponsors.

S. 1282 would make the banking system simpler and safer and help bring an end to the era of “Too Big to Fail,” the letter argues. It would do so by requiring the biggest banks to downsize along functional lines and by reducing the opportunities for them to use their government guarantees and subsidies to engage in speculative activities for their own enrichment.

http://www.citizen.org/pressroom/pressroomredirect.cfm?ID=4217

12 thoughts on “162 State, National Groups and Individuals urge U.S. Senate to pass 21st Century Glass-Steagall Act

  1. Great idea!!! We should have never repealed the original but since we did we better put in place one even better. Though I fear once all the greedy crooked lobbyist get their hands on it they will make it much less effective. Any reform though in the right direction is good.

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    • A couple of years ago, both Bill Clinton and Newt Gingrich – the two key political players in the repeal of Glass-Steagall – admitted that was a big mistake. Too bad they didn’t have more foresight back then.

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      • Yeah I expected such from Newt but Clinton really disappointed me by some of his decisions during his presidency; that was one of the worst ones. It just goes to show you how much lobbying power the financial sector has. They have even managed to win over not just Centrist like Clinton but even Progressives.

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