New Glass-Steagall bill pushed by Sens. Warren, McCain

A bipartisan group of Senators said Thursday that they plan to reintroduce the 21st Century Glass-Steagall Act just as President Donald Trump’s economic adviser Gary Cohn voiced support for the move.

Elizabeth Warren, D-Mass., along with John McCain, R-Ariz.; Maria Cantwell, D-Wash.; and Angus King, I-Maine – who first banded together to introduce the bill in 2013 – said their new bill would be a modern version of the Banking Act of 1933 (Glass-Steagall) that protects American taxpayers, helps community banks and credit unions compete, and decreases the likelihood of future financial crises.

The senators noted that President Trump along with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn (who noted his support in a Wednesday Bloomberg interview) have all voiced support for reinstating the walls between commercial and investment banking.

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