Senate Sponsors of Bill To Re-Establish Glass-Steagall Publish CNN Op Ed, and Seek Urgent Support
July 18, 2014 • 9:42AM

Senator Elizabeth Warren and her original co-sponsors of the 21st Century Glass-Steagall Act of 2013 (S. 1282) -- John McCain, Maria Cantwell, and Angus King -- published on opinion piece on CNN’s website Thursday which said in its concluding paragraph, that five years after the bankruptcy of Lehman Brothers and the severe economic downturn that followed, “with another financial crisis a very real possibility, why isn’t this a more urgent issue? We urge our colleagues to support our bill.”

The article says at the outset that “The chances of another financial crisis will remain unacceptably high as long as there are financial institutions that are ‘too big to fail ...’ But over five years after the crash, the big banks are more concentrated and more interconnected and their appetite for excessively risky behavior is unchanged. The biggest banks are substantially bigger than they were in 2008. In fact, the five biggest banks now control more than half the nation’s total banking assets.”

The Senators say that their bill, which they introduced a year ago last week, takes a “proactive, structural approach to reducing bank risk [that] should be far preferable to risk-management through over-regulation.” They note, “It’s been four years since Congress passed, and rulemaking began on, the Dodd-Frank Act. The regulators have so far missed more than half of their statutory rule-making deadlines and many rules remain unwritten.” They say that Congress must step in to address the problem, and urge support of their bill.