WASHINGTON – Sen. Elizabeth Warren has launched an advertising campaign to make banks boring again as she pushes legislation to enact stricter regulations forcing deposit-taking financial institutions out of the investment business. The Massachusetts Democrat desires to reinstate the Depression-era Glass-Steagall law, which separated what she called uninteresting cost savings and examining accounts that are backed by the Federal Deposit Insurance Corp.
And after becoming a member of three other senators Thursday in presenting a bipartisan expenses to achieve that, Warren went to Twitter to rally support. She urged her Twitter followers retweet the message, “Banks should be boring.” She emailed her political backers, asking them to aid her 21st hundred years Glass-Steagall Act, which she released along with Sens.
John McCain (R-Ariz.), Maria Cantwell (D-Wash.) and Angus King (I-Maine). On Friday morning hours she made an appearance on CNBC-TV and Bloomberg TV to make her case And. The day “At the end of, there is no single magic bullet to avoid big to fail ‘too,’ ” Warren said. “However the central premise behind a 21st century Glass-Steagall is to say, ‘If you want to get out and take risks there, go and take action,’ ” she said. Liberal groupings cheered the suggested legislation. Warren and other supporters of reinstating the Glass-Steagall prohibitions, which were repealed in 1999, face a difficult fight in Congress because the largest banks have pushed back strongly against efforts to force these to downsize.
Industry officials and their supporters have said Glass-Steagall would not have prevented the financial meltdown. They mentioned that the financial institutions that helped or failed to result in the turmoil – including Keep Stearns & Co., Lehman Bros., American International Group Inc., Countrywide Financial Corp. IndyMac Bank or investment company – were involved in investment banking or federally insured deposit-taking, however, not both.
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“We think that the Congress modernized the regulatory construction through Dodd-Frank, which addressed the problems we found in the problems,” said Scott Talbott, older vice leader for public plan at the Financial Services Roundtable, which represents the biggest companies. “Time for Glass-Steagall would backward take the industry,” Talbott said. Warren decided that Glass-Steagall would not have prevented the financial meltdown, but she said reinstating it might help force the biggest banks to downsize, reducing the risk of future bailouts. “What Glass-Steagall can do is breeze some more of the risk from the system. It can help bring down how big is the largest financial institutions,” she said on CNBC. Asked about the long probability of passing the legislation, Warren said she noticed a similar thing about the Consumer Financial Protection Bureau. Warren acquired the original idea for the company and helped obtain it included in the 2010-Dodd-Frank financial reform laws despite strong opposition in the financial industry.
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