Senator Elizabeth Warren is spearheading an effort to bring back the Glass-Steagall Act- the legislation passed after the Great Depression to rein in the predatory and risky behaviors that led to the economic crashed in the first place. Repealed during the growth of the Clinton Administration with the thought that it was no longer necessary.
The banks, unfortunately, proved that their greed is constant, and that the ravenous demand for more and more funds cannot be sated. The banks immediately took full advantage of their new freedoms, and promptly crashed the global economy by triggering the Great Recession with their reckless gambling.
Warren and John McCain (R-AZ) have introduced a bill to reinstate the Glass-Steagall Act, which would separate traditional banking from dangerous investment banking and protecting consumers from the greed of the big banks. “Despite the progress we’ve made since 2008, the biggest banks continue to threaten our economy…the biggest banks are collectively much larger than they were before the crisis, and they continue to engage in dangerous practices that could once again crash our economy” said Senator Warren (D-MASS). McCain said that the bill works to undermine “a culture of dangerous greed and excessive risk-taking.”
If it passes, it will be a hugely significant victory for the American people and our economy. Wall Street has been running rampant for years, extorting the American publics and playing high-risk poker with public money. It is far beyond time that Congress took steps to rein in the avaricious insanity of the big banks.
Colin Taylor is the editor-in-chief of Occupy Democrats. He graduated from Bennington College with a Bachelor's degree in history and political science. He now focuses on advancing the cause of social justice and equality in America.