Elizabeth Warren was joined by John McCain and Maria Cantwell in a display of bipartisan support for introducing what is being referred to as an “21st Century Glass Steagall Act”, which
would break up big banks by separating traditional retail banking (checking, savings) from riskier banking activities including swaps dealing and private equity and hedge fund activity
- If passed banks would have five years to start splitting up
- Getting it passed is going to be a big battle against well-resourced Wall Street names fighting against the bill
