Senator Warren Drops A Bombshell In Senate Hearing: Bipartisan Bill To Restore Glass-Steagall Being Introduced
Senator Elizabeth Warren Questioning Regulators at a Senate Banking Hearing on July 11, 2013
Wallstreetonparade.com
Wall Street regulators hauled before the Senate Banking panel yesterday were likely expecting compliments for their agreement on forcing big banks to boost capital. Instead, Senator Elizabeth Warren dropped a bombshell: she and three other Senators later yesterday were introducing legislation to restore the depression era Glass-Steagall Act. (The Senate co-sponsors were John McCain, Republican from Arizona, Maria Cantwell, a Washington Democrat, and Angus King, an Independent from Maine.)
As regulators from the Treasury, FDIC, Federal Reserve and Office of the Comptroller of the Currency stared back in silence, Senator Warren mapped out why the legislation was being introduced:
“…the four largest banks are now 30 percent larger than they were just five years ago and they have continued to engage in dangerous, high-risk practices. So, later today Mr. Chairman, Senators McCain, Cantwell, King and I will introduce a 21st Century Glass-Steagall Act. For half a century after the Great Depression, Glass-Steagall kept this country safe by separating the risky activities of investment banks from the basic checking and savings accounts that consumers rely on every day.
“The banks lobbied for weaker regulations and eventually the regulators started unraveling Glass-Steagall and finally in 1999 Congress repealed what was left of it. So now we propose a 21st Century Glass-Steagall so that we can return to the basics and try to keep the gamblers out of our banks.
“Now, based on what the regulators did to Glass-Steagall over the past 30 years, I don’t expect that anyone on this panel will jump up and endorse the new Glass-Steagall bill; even so, we’re going to keep pushing for it.”
The text of the new bill explains the long overdue need for re-implementing the Glass-Steagall Act:
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Whistler Blowers, Insiders
First this crippling blow to the free market, then she’ll really start ramming her militant lesbian liberal agenda down our throats.
I’m not a fan of a lot of FDR’s Depression Era policies but Glass-Steagall was a good law that reduced the risk in the markets buy having banks that invest and banks that hold capital. Unlike today where banks do both and put all the money at risk.
Yes ! This is exactly what needs to be done, but I really think it’s already to late. They are just trying to save their own butts now. It’s just to little to late.
Bingo Maryjo, The criminals have already stolen all the casino chips and now the regulators are scrambling to Cover their Asses before the bottom falls out.
About time to.
about time to what?
The referenced banks have gorged at the public trough, which is reflected in the 30% growth of their girth. A free market would have let them hit-the-wall several years ago and they would have been replaced their ilk with stronger, better competitors. Crony capitalism gives free markets a ‘bad’ name because many do not understand the difference. http://coldwarwarrior.com/
I hate to tell but , the notion of a ” Free Market ” is a myth ! There is always an individual or individuals that use their wealth and/or political connections to further their attempts to control the market place in their favorite ! If you look back in history , there have been numerous crashes , all brought about by the same individuals looking to take advantage of the event to gain a larger control of the Market and increase their wealth at the expense of others !
I agree that there is no free market within the system. However, outside of that, there is plenty of free market trading going on and over time I can see this market becoming much stronger than that which the system offers. There are always those who want more, and as you say at the expense of others without any sort of moral backbone. That’s why the system’s market has a limited life span, however long that may be, and true free markets which include bartering, swapping and gifting will far outreach and far outlast anything our fascist institutions could ever create.
Millions have already left the fold, I suspect many millions more are to follow over the coming few short years, leaving those who stay within the corrupted system with all those assets, stocks, shares, bonds etc. that many people no longer want.
People are now turning to local suppliers, investments and opportunities instead as the terms are much, much more favourable than the corporations and banks and other deficient organisations. Those remaining within the system are quite likely to lose what they have or will be unable to pass on what they have because it is toxic and nobody wants to even touch it.
Roll on free trade
I am amazed to hear that McCain might actually have a couple of functioning brain cells left. We can only hope this gets passed without a bunch of B.S. amendments that gut it’s true purpose like most of the trash coming out of Washington!
If McCain is evolved, it is all show and will have no teeth. He is grandstanding for something else. This anti-American would sooner put in Sharia compliant finance than to allow a free market to grow.
Follow the money … Do you think this legislation is because of the panel’s moral values or to protect the small folk. Who paid to write this bill. Legislators do not write them, they are paid [bribed] to support them for some lobbyist.
I have to agree with you McCain is bought and paid for so i really cant believe this is the real deal
But if it is its what we need although it maybe to little to late thou.
I don’t understand why there should be no regulations on the financial sector. Can someone please explain it to me?
Her tribal name is Slinging Bull.
Second verse, same as the first.