Cantwell / McCain To Reinstate Glass / Steagall

From Reuters (http://blogs.reuters.com/reuters-dealzone/2009/12/17/reinventing-glass-steagall­/) With Congress already debating a sweeping overhaul of financial regulation, perhaps the most enduring regulatory stricture of the Depression era is again getting an airing in Washington. The venerable Glass-Steagall laws that barred large banks from affiliating with securities firms and engaging in the insurance business were repealed in 1999. Now, as the banks try to move on from the dreaded salary caps and the humiliation of TARP, lawmakers are wondering whether getting rid of Glass-Steagall was such a good idea.

Financial giants such as Goldman Sachs could be broken up under two bills introduced in Congress on Wednesday, one with the backing of former Republican presidential nominee John McCain. Both would reinstate Glass-Steagall. Passage of the Cantwell-McCain bill would force firms at the center of last years financial crisis — such as Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan Chase and Wells Fargo — to spin off investment and insurance operations, according to Demos, a progressive think tank in New York. A similar measure was offered on Wednesday by six Democrats in the House of Representatives.

Category:

News & Politics

Tags:

• Maria Cantwell
• John McCain
• Glass Steagall
• Goldman Sachs
• Morgan Stanley
• Citigroup
• JP Morgan Chase
• Dylan Ratigan
• Morning Meeting

[MyImago]

Bernanke should be in jail! End the Fed!

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." - Napoleon Bonaparte, 1815

[Drastam]

That fool guy on the Today Show said Bernanke was a 'government force'; dont these people know the Fed is a private corporation...it is not government. At least the MSNBC people seem to be more aware.

The Cantwell - McCain initiative may be the beginning of the political and general awakening that is necessary to deal with the global crisis. The American people will get behind leaders who oppose the banksters.

[Salvysahagun]

MY STATE SENATOR!!!

[RJSoftware2000]

I wonder if they even consider that the root problem is FRACTIONAL RESERVE BANKING..?

RJ

[utek11]

in reference to the wto... i do believe china russia and india will back us up on this in diff ways... the real foe here in the globalist movement is the british empire... this is the heart of the monetary system killing the world right now... rmemeber their plan is to reduce the population to two billion... what better way to do then an economic calamity... did i mention grab more power and remove more national soveriegnty in the process...

[ytgv3fc7]

someone else has commented in other videos - if Glass-Steagall is enacted again, since the agreements with the WTO deliberately say Glass-Steagall must go (and did) wouldn't that mean huge fines against all USA businesses from the WTO to re-enact it?

[Whadaphoisdis]

well spoken Senator!