Restore the protections of the Glass-Steagall Act. The decision by Congress and the President to repeal the Glass-Steagall law in 1999 paved the way for the “too big to fail, one-stop financial supermarkets” that played a major role in the near economic collapse of 2008. For a decade, we saw the financial industry assume unbelievable risks knowing that they were able to gamble with the taxpayers money. The American people paid a heavy price for it!
The current budget bill introduces language that undermines Dodd-Frank protection. Pass Elizabeth Warren's updated Glass-Steagall Act so that senior citizens' equity won't be lost during the next Boom and Bust cycle, when the neighborhood goes underwater again. Remove bankers' right to taxpayer bailouts if homeowners "aren't eligilible" for them. Many lost 30% of their savings following the banks' "re-finance" campaign in the , Boom They didn't borrow a dime on their house equity evaporated
Maintain and strengthen Dodd-Frank. Never compromise on allowing bank bail-outs whether 303 Trillion or less -these bankrupt the (formerly) Middle Class (which no longer exists in this country). Outlaw any "bail-in" attempts in this nation (where depositors are on the hook for derivative/ casino manipulation of markets that the big banks undertake as daily business).
Pass the Glass-Steagell law again and rein in Wall Street abuses. President Clinton's repeal of Glass-Steagell set the stage for the economic meltdown and deep recession of recent years. We need to put the Glass-Steagell regulations back into effect if we want our economy to ever have a chance of recovery.
Introduce a bill that would re-instated the laws used after the Great Depression to regulate banks and financial institutions. Banks need to reinvest in the infrastructure of this country, and get out of the Stock and Bond trading business, which is making money for money's sake, not the country's sake.