Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
In reply to the discussion: A political reality check. [View all]RiverLover
(7,830 posts)22. Warren tried in 2013 with her "21st Century Glass-Steagall Act" bill which breaks up the banks
like they were until Clinton signed the repeal of FDR's Glass-Steagall right before leaving office...
But it didn't get enough votes.
So we just need to elect a congress that will support it & a non-conservative president to sign it.
Having a president who is truly progressive once elected and not just playing progressive to win votes is the hard part.
Congress passed the Glass Steagall Act in 1933 to separate risky investment banking from ordinary commercial banking. And for half a century, the banking system was stable and our middle class grew stronger.
But in the 1980s, the federal regulators started reinterpreting the laws to break down the divide between regular banking and Wall Street risk-taking, and in 1999, Congress repealed Glass Steagall altogether. Wall Street had spent 66 years and millions of dollars lobbying for repeal, and, eventually, the big banks won.
I've joined forces with Senators John McCain, Maria Cantwell, and Angus King to introduce the 21st Century Glass Steagall Act of 2013 to reinstate and modernize core banking protections.
Our new 21st Century Glass Steagall Act once again separates traditional banks from riskier financial services. And since banking has become much more complicated since the first bill was written in 1933, weve updated the law to include new activities and leave no room for regulatory interpretations that water down the rules.
The bill will give a five year transition period for financial institutions to split their business practices into distinct entities shrinking their size, taking an important step toward ending Too Big to Fail once and for all, and minimizing the risk of future bailouts.
http://my.elizabethwarren.com/page/s/glass-steagall
But in the 1980s, the federal regulators started reinterpreting the laws to break down the divide between regular banking and Wall Street risk-taking, and in 1999, Congress repealed Glass Steagall altogether. Wall Street had spent 66 years and millions of dollars lobbying for repeal, and, eventually, the big banks won.
I've joined forces with Senators John McCain, Maria Cantwell, and Angus King to introduce the 21st Century Glass Steagall Act of 2013 to reinstate and modernize core banking protections.
Our new 21st Century Glass Steagall Act once again separates traditional banks from riskier financial services. And since banking has become much more complicated since the first bill was written in 1933, weve updated the law to include new activities and leave no room for regulatory interpretations that water down the rules.
The bill will give a five year transition period for financial institutions to split their business practices into distinct entities shrinking their size, taking an important step toward ending Too Big to Fail once and for all, and minimizing the risk of future bailouts.
http://my.elizabethwarren.com/page/s/glass-steagall
Edit history
Please sign in to view edit histories.
35 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
In the foreseeable future which is all a reasonable person can purport to see
DemocratSinceBirth
May 2015
#1
Absolutely. I am very afraid that the answer to the last question may actually be: another Great
jwirr
May 2015
#5
Warren tried in 2013 with her "21st Century Glass-Steagall Act" bill which breaks up the banks
RiverLover
May 2015
#22
There were also "far-sighted" republicans in FDR's congress. "Progessive" Republicans even~
RiverLover
May 2015
#34
The next admin won't have this advantage: Obama's quid pro quo on raising taxes
WhaTHellsgoingonhere
May 2015
#25
all you have to do is look to obama yrs and how hard it was. see what happened to bill he passed
seabeyond
May 2015
#29
i think we have to address state power and gerrymandering to really get the support.
seabeyond
May 2015
#33