by Stephen C. Webster, Raw Story
Massachusetts Senate candidate Elizabeth Warren said Sunday on a call with volunteers that restoring Glass-Steagall, the depression-era finance rule that prevented banks from becoming “too big to fail,” would be among the top three Wall Street reforms on her agenda if voters elect her to the Senate.
Warren, a Harvard professor who helped create the Consumer Financial Protection Bureau (CFPB) after the global financial crash of 2008, mentioned the depression-era rule in a response to a volunteer who asked, “What can we do to hold Wall Street accountable and keep [a collapse] from happening again?”
“We fought [the fight for Dodd-Frank] out in the open, to try and get financial reforms passed,” she said. “We finally got the consumer agency in place and got some reforms, and then after Dodd-Frank had passed they went back to the regulatory commissions. They were supposed to write regulations… I thought the fight was over. I thought that the good guys had won. But it turned out the lobbyists, the big financial institutions just decided to move the fight into the shadows.”
Warren said that what’s happened since is a case study in how Congress seems to function all too often: “They have been lobbying the regulators to try to weaken the rules, to put loopholes in them, to try to delay them and try to get rid of them outright,” she lamented. [MORE]
Via Eric Byler