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July 15, 2013

Bill to restore Glass-Steagall unnerves Wall St

“The latest political threat to Wall Street came from an unlikely pair this week: Elizabeth Warren, the liberal first-term Democratic senator from Massachusetts, and John McCain, the veteran Republican senator from Arizona defeated in the 2008 presidential election.

Ms Warren and Mr McCain teamed up with two others to introduce a bill in the upper chamber that would restore some provisions of Glass-Steagall, the Depression-era legislation separating commercial from investment banking that was repealed in 1999.

The move is not quite triggering panic among the big banks, since many lobbyists believe there is not sufficient support for the legislation to advance in Congress and Obama administration officials are also known to be sceptical.

But it adds to a drumbeat of oddly bipartisan man­oeuvres in Congress to break up the banks that has been gaining steam. In April, Sherrod Brown, an Ohio Democrat, and David Vitter, a Louisiana Republican, introduced legislation to set much tougher capital requirements on big banks.”

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Read full Financial Times article here

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