U.S. Senators launch bid to revive Glass-Steagall

Massachusetts Senator Elizabeth Warren is known for playing hard ball with the big banks. Her latest move is no exception.

Read: Why no criminal charges for HSBC, demands Warren

She’s partnered with Senators John McCain, Angus King, and Maria Cantwell to introduce “the 21st Century Glass-Steagall Act of 2013.”

“Banking should be boring. Savings accounts, checking accounts — the things that you and I rely on every day — should be safe from the sort of high-risk activities that broke our economy,” she says in a post on her website.

“Our new 21st Century Glass Steagall Act once again separates traditional banks from riskier financial services. And since banking has become much more complicated since the first bill was written in 1933, we’ve updated the law to include new activities and leave no room for regulatory interpretations that water down the rules,” she writes.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.