Looking at the way that U.S. Senators Elizabeth Warren and John McCain are pitching their proposal for a 21st century version of the Glass-Steagall Act, I can’t help but wonder if they’re making a mistake.
Mostly they have promoted their new bill in terms of protecting taxpayers and the broader economy from a too-big-to-fail bank that might need another bailout. A lot of voters don’t get the connection between the problem and the solution being proposed, and it’s debatable if there is one. Here’s a better argument: The reason it’s a good idea to separate securities firms from commercial banks is to protect consumers from brokers selling schlock investments.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
