FOR IMMEDIATE RELEASE
Wednesday, July 29, 2015
Contact: Jeff Gohringer, 202-618-6430 or firstname.lastname@example.org
Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement on the release of a fact sheet on the Glass-Steagall Act:
“Hillary Clinton, Martin O’Malley and the other presidential candidates, along with Sens. Elizabeth Warren and John McCain, are talking about the Glass-Steagall Act, which needs to be informed by context, facts and nuance. Passed after the Great Crash of 1929 and during the Great Depression of the 1930s, the Glass-Steagall Act was one of the key layers of protection created to shield the families on Main Street from the gambling on Wall Street. Those protections worked for more than 60 years. The repeal of Glass-Steagall in 1999 was a key part of the bipartisan deregulatory agenda that dismantled those protections and inflicted Wall Street’s recklessness on Main Street’s hardworking families. That, in part, led to the financial crash of 2008 and caused more than $20 trillion of economic wreckage across the country. The debate over restoring Glass-Steagall is about how best to rebuild those layers of protections and prevent another crash, crisis and bailout, which is why Better Markets is releasing this fact sheet on it today.”
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.