Senator Elizabeth Warren's keynote speech to the AFL-CIO national convention in Los Angeles yesterday afternoon included promoting Glass-Steagall reenactment via the bill she has cosponsored with, currently, eight other Senators.
Warren's prepared remarks included the following: "Five years ago, experts said the banks had to be bailed out because there was too much concentration in banking and one failure would bring down the entire economy. Now the four biggest banks are 30% larger than they were five years ago. The five largest banks now hold more than half of all banking assets in the country. Because investors know they are too big to fail, those big banks get cheaper borrowing, which, according to one study, adds up to an annual $83 billion subsidy from taxpayers-another benefit of being Too Big to Fail.
"What about reform? The Dodd-Frank Act was an incredibly important achievement, but since it passed, the big banks and their army of lobbyists have fought every step of the way to delay, water down, block, or strike down regulations. When a new approach is proposed - like my bill with John McCain, Angus King, and Maria Cantwell to bring back Glass-Steagall - you know what happens - they throw everything they've got against it."
In her actual keynote she went further, describing Wall Street's blocking of the Cantwell-McCain attempt to restore Glass-Steagall in 2010, and expanding in other ways.
The AFL-CIO Monday afternoon voted up a "Resolution 14: Bankruptcy, Abuses, and the Unfinished Business of Financial Reform", which says they want 1) reversal of bankruptcy law changes which protect derivatives and steal pensions, 2) completion and enforcement of "what remains of Dodd-Frank", 3) reenactment of Glass-Steagall.
President Obama had been scheduled to speak to the convention Sept. 10, but cancelled his speech and trip to California, to concentrate on his all-consuming attempt to start world war.