Senators Warren and McCain Attempt To Recreate Glass-Steagall

Elizabeth Warren has joined fellow senators John McCain, Maria Cantwell, and Angus King in sponsoring legislation that would reenact key parts of the Glass-Steagall Act that was overturned in 1999, Bloomberg’s Carter Dougherty reports. The legislation would separate depository banks that are insured by the Federal Deposit Insurance Corp (FDIC) from investment banking and other high-risk financial operations including hedge funds, insurance companies, and private equity. Warren discussed the legislation while testifying on the implementation of the Dodd-Frank Act, regulation that was meant to reign in Wall Street following the 2008 banking crisis. “Based on what the regulators did to…