Sens. Elizabeth Warren, John McCain, Maria Cantwell and Angus King say they are introducing a new version of the Glass-Steagall Act to separate banks from their investment-banking arms. Read text of the 21st Century Glass-Steagall Act.
The bipartisan group of legislators say they want to bring back the core of the 1933 law that was repealed in 1999, which would separate commercial banking activities insured by the Federal Deposit Insurance Corp. from institutions that offer services such as investment banking, insurance, swaps dealing, and hedge fund and private-equity activities. (McCain was the only of the four legislators who was in the Senate in 1999; he voted to repeal Glass-Steagall.)
You know what the twist means...
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