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Senators once again pitch resurrected Glass-Steagall

Joe Mont | April 7, 2017

Once again, in what is becoming an annual rite of spring, a coalition of bipartisan senators is trying to bring back the Glass-Steagall Act.

Among the reasons this latest effort may be finally poised for success, is a surprising level of support from both major political parties. President Donald J. Trump, Treasury Secretary Steve Mnuchin, and National Economic Council Director Gary Cohn have all expressed various degrees of support for the concept. Both the 2016 Democratic and Republican party platforms supported reinstating Glass-Steagall.

Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine) jointly re-introduced their 21st Century Glass-Steagall Act on Thursday. It is intended to be “a modern version...

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