by William White | July 12, 2013 12:49 pm
Senator Elizabeth Warren, Democrat of Massachusetts, introduced a new piece of legislation on Thursday.
The bill, named the “21st Century Glass-Steagall Act”, is also backed by Senator John McCain, Republican of Arizona.
The bill is designed to function like the original Glass-Steagall Act (which was put into place in the 1930’s but ended in 1999), by limiting what regulated banks can do. If passed, the bill might force many banks to give up their trading operations, reports The New York Times.
“It will take a lot of tools to get rid of too-big-to-fail, but one of them ought to be that if you want to do high-stakes gambling, good on you, but you do not get access to people’s checking accounts and savings accounts,” Sen. Warren told, Bloomberg.
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