Elizabeth Warren’s Crusade to Separate Investment and Commercial Banks
By
Senator Elizabeth Warren blows a kiss to former Senator Christopher J. Dodd after a news conference last week on the fifth anniversary of the signing of the Dodd-Frank Wall Street reform law. CreditJonathan Ernst/Reuters
For reasons that are mystifying, the idea of separating investment banks from commercial banks — once the law of the land for more than 60 years — is again the rage among certain politicians.
The leading political proponent of this idea has been Senator Elizabeth Warren of Massachusetts, a former Harvard Law School professor who should know better. In 2013, she joined with a bipartisan group of her fellow senators, including John McCain, Maria Cantwell and Angus King, to introduce what she called the 21st Century Glass-Steagall Act – an homage to the original law passed 80 years earlier. It was created, she hoped, to make the financial system safer…
Elizabeth Warren’s Crusade to Separate Investment and Commercial Banks
