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Elizabeth Warren John McCain

Move to restore Glass-Steagall

11 Jul, 2013

Warren, with co-sponsors John McCain (R-AZ) and Maria Cantwell (D-WA), introduces bill, which reduces the risk of another financial crisis and decreases risk to the American taxpayer.

Despite the progress we’ve made since 2008, the biggest banks continue to threaten the economy. The four biggest banks are now 30% larger than they were just five years ago, and they have continued to engage in dangerous, high-risk practices that could once again put our economy at risk.

The 21st Century Glass Steagall Act breaks up big banks by separating traditional retail banking (checking, savings) from riskier banking activities including swaps dealing as well as private equity and hedge fund activity.