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Glass-Steagall Is in Senate; Senators Push White House on Support

April 6, 2017 (EIRNS)—Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Me.) introduced the "21st Century Glass-Steagall Act" in the 115th Congressional Session late Thursday, taking White House chief economic advisor Gary Cohn’s remarks yesterday as endorsement in their press release.

Warren’s Twitter feed announced the move at 5:20 p.m., and then followed with a second tweet, "Glass-Steagall has bipartisan support: from @SenSanders to @realDonaldTrump; both @TheDemocrats & @RNC platforms. Lets get this done."

In a press release quoting all four Senators, the sponsors said,

"Reinstating Glass-Steagall has broad bipartisan support from the public and policymakers, including from President Trump, Treasury Secretary Steve Mnuchin, and National Economic Council Director Gary Cohn. Both the 2016 Democratic and Republican party platforms supported reinstating Glass-Steagall."

Senator Cantwell said,

"It has been clear for 60 years that separating commercial and investment banking would protect consumers from having to pay for the debts of bad financial practices of Wall Street. We need to reinstate this sharp bright line."

Warren was quoted as saying, "The 21st Century Glass-Steagall Act will re-establish the wall between commercial and investment banking and make our financial system more stable and secure. Reinstating Glass-Steagall has broad bipartisan support, and it’s time to get it done."

The bill does not yet have a number.