Courtesy of Pam Martens.
Elizabeth Warren Speaking on Restoring the Glass-Steagall Act
When it comes to sleuthing out how Wall Street has gamed the laws, conned the regulators and colluded to corrupt the whole financial system, there is no one in Congress sharper-eyed or more outspoken than Senator Elizabeth Warren, who is also exceptionally well-qualified to lead this Wall Street posse.
Warren was a commercial law professor at Harvard for more than 20 years. She is widely credited with facilitating the creation of the Consumer Financial Protection Bureau (CFPB) to protect consumers from the insidious rip-offs in mortgages, credit cards, student loans and other financial products.
On July 7 of this year, Warren, together with fellow Senators John McCain, Bernie Sanders, Angus King, and Maria Cantwell, introduced the “21st Century Glass-Steagall Act of 2015,” (S.1709) legislation to separate insured, deposit-taking banks from Wall Street’s investment banks, brokerage firms, market makers, and hedge funds.
Warren had this to say when she introduced the legislation, according to the Congressional Record:
“Seven years ago, Wall Street’s high-risk bets brought our economy to its knees. The Dallas Fed estimates that the total cost of the crash was $14 trillion. Millions of families lost their homes. Millions of people lost their savings. Millions of people lost their jobs. And even today, millions of hard-working, play-by-the-rules people are still struggling to survive.
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