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November 12, 2015

Glass-Steagall takes center stage in 2016

“A Depression-Era banking law is helping to shape the 2016 presidential field, as Wall Street critics push hard for its return.

“The Glass-Steagall Act, the 1933 law that established a firewall between investment and commercial banking, was repealed 16 years ago on Thursday.

“Where candidates stand on its possible return has become a litmus test in both parties, with supporters arguing Congress needs to restore it to prevent the next financial collapse.

“The debate is leaving the 2016 field, and particularly Hillary Clinton, in a tough spot.

“A lot of people view it as a litmus test,” said Dennis Kelleher, president and CEO of the Wall Street reform group Better Markets.

“For those who are in favor of restoring the law, a candidate’s backing Glass-Steagall says “‘I get it, I get it. I will be tough on Wall Street. Trust me,’” Kelleher said.”

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Read the full The Hill article by Peter Schroeder here.

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