Senators Propose Bill To Break Up Biggest Banks

elizabeth warrenElizabeth Warren for president? Reuters reports:

 A small bipartisan group of senators on Thursday introduced legislation that would break up Wall Street’s megabanks by separating traditional banking activity from riskier financial services.

The bill, called the 21st Century Glass-Steagall Act, has an uncertain future, but it shows some lawmakers’ frustration that banks have only continued to grow since the 2007-2009 financial crisis.

Democratic Senator Elizabeth Warren from Massachusetts, is one of the sponsors of the bill [along with] Republican Senator John McCain from Arizona, Democratic Senator Maria Cantwell from Washington, and Senator Angus King, an independent from Maine.

The legislation would bring back elements of the 1933 Glass-Steagall Act, which divided commercial and investment banking, and was repealed in 1999. It would separate the operations of traditional banks with accounts backed by the FDIC from riskier activities such as investment banking, insurance, swaps and hedge funds.

  • Kane VonDoom

    Kind of wondering what John McCain’s motive for being involved with this is. Either way, this is potentially an excellent move depending on what riders are hidden in the bill.

  • HCE

    Well. I predict some sudden deaths and suicides. Assuming this isn’t some sort of put-on, distraction or deception.

    • gustave courbet

      It might be easier to ‘kill’ the bill in committee.

      • HCE

        That does make more sense. I suppose that’s my ignorance an cynicism showing.

    • InfvoCuernos

      Yep, back and to the right.

  • Sergio Poalsky

    Didn’t JFK try and do this but with the CIA and other intelligence agencies instead of banks

    • HCE

      No. JFK tried to put the US back on the gold standard, and have the Federal Reserve no longer issuing our currency. People don’t realize JFK had more enemies than just the CIA. But he was going to eliminate the CIA specifically, altogether.

      • Dingbert


        • HCE

          McAdams. There’s a excruciatingly dubious information source. He’s what known as a “Lone Nutter.” I wonder about Weberman. He’s convinced that’s E.H. Hunt as one of the tramps.

          • Dingbert

            It was actually written by Edward Flaherty, whose site isn’t up anymore. Those dubious dudes just archived it, I guess. It’s on publiceyeDOTorg, too.

          • HCE

            Mmmm, dubious dudes. Why all the “DOT” instead of simply just a .?

          • Dingbert

            Disinfo recognizes links and the comment must “await moderation” before showing up, which never actually happens. Just started recently. It’s a pain. You can find the Flaherty attribution on Publiceye.

            “It can be verified, and may require sources outside the Web . . .”

            Yep, I wouldn’t bet on anything being totally true that only shows up on the Internet or in glossy magazines.

          • Matt Staggs

            Not true at all. I check this stuff at least once a day. If it’s awaiting moderation it gets moderated. I also check the spam and delete folders just in case.

          • Dingbert

            It’s happened a couple times now, but I see others can post links. Either it was a temporary thing, or Disqus just hates me. I only gave it two strikes, though, I’ll try a third pitch:


          • HCE

            It seems to be written by McAdams. I don’t see attribution otherwise. Anyhow, McAdams has be discredited enough to my satisfaction. And I’ve seen him makes claims that simply aren’t true. While I don’t take as true everything pro-conspiracy types as true, I can’t swallow McAdams BS either.
            I forget where it can be found, but you can find scans of the executive orders for these things Mcadams claim aren’t true.
            It can be verified, and may require sources outside the Web, but if you want you can find proof of the the untruth of many of McAdams claims.

  • echar

    but what about the fed?

  • daisy65014

    Nothing but create a problem fix it, then create and fix it again….lets keep going around the hamster wheel….yea for us….