Riding Cohn Momentum, Senators Call for Glass-Steagall Return

A day after White House economic adviser Gary Cohn said he would support efforts to separate Wall Street’s investment banking operations from consumer lending, a group of lawmakers proposed legislation that would do just that.

The legislation, whose sponsors include Senator Elizabeth Warren of Massachusetts, one of Wall Street’s loudest critics, would establish a new version of the Glass-Steagall Act, a Depression-era law that kept bricks-and-mortar lending separate from investment banking for more than six decades.

“Despite the progress since 2008, the biggest banks continue to threaten our economy,” Warren said in a statement. “Reinstating Glass-Steagall has broad bipartisan support, and it’s time to get it done.”

Cohn, a former Goldman Sachs Group Inc. executive, described his position on radically reshaping how Wall Street’s biggest firms operate in a Wednesday meeting with lawmakers, including Warren.

The legislation, also backed by Republican Senator John McCain of Arizona, has been introduced in

admin

admin

Leave a Reply

Recent Posts

Trump Supporters: Get Your 2020 'Keep America Great' Shirts Now!

Are you a proud supporter of President Donald Trump?

If so, you’ll want to grab your 2020 re-election shirt now and be the first on your block to show your support for Trump 2020!

These shirts are going fast so click here to check for availability in your area!

-> CHECK AVAILABILITY HERE


More Popular Stuff for Trump Supporters!

MUST SEE: Full Color Trump Presidential Coin (limited!)

Hilarious Pro Trump 'You are Fake News' Tee Shirt!

[Exclusive] Get Your HUGE Trump 2020 Yard or House Flag!

<