QUORUMCALL//GPT:
MAIN TAKEAWAY
– Sen. Elizabeth Warren, D-Mass., is advocating for the reinstatement of the Glass-Steagall Act, which separated commercial and investment banking activities, in an effort to prevent another financial crisis.
DETAILS
– Warren, alongside Sen. John McCain, R-Ariz., has introduced legislation to bring back the Glass-Steagall Act, which was repealed in 1999.
– The senators argue that the repeal of the act contributed to the 2008 financial crisis by allowing banks to engage in risky investment activities.
– The new bill, known as the 21st Century Glass-Steagall Act, would separate traditional banking with customer deposits from the riskier financial services.
TOPICS COVERED
#GlassSteagallAct #BankingReform
NOTE
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