The McCain-Cantwell Act Aims to Restore Glass-Steagall
Senator John McCain, Republican of Arizona, and Senator Maria Cantwell, Democrat of Washington, are proposing legislation that would reinstate the Glass-Steagall Act of 1933 that separated commercial banks from investment banks by banning commercial banks from underwriting securities, forcing banks to choose between being a lender or an underwriter ...
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#1 Jan 21, 2010
The Banking System that existed in the US and in the World when Glass-Steagall was enacted in 1932 no longer exists. What we have today is a totally different and quantitatively larger and infinitely more complex financial world, indeed, a totally different economic reality. While it would make sense to separate many aspects of commercial banking from the very risky world of investment banking, to reinstitute, as is, an outdated law would be very damaging to America's major banks and to America's standing in the world as a premier center of financial activity.
McCain graduated near the bottom of his class at Annapolis and he and Cantwell are from States with minimal stature or direct involvement in the world of corporate finance. Therefore it seems to me that their sponsoring of this Bill may be motivated more by political considerations rather than rational thought. Wall Street and all it implies is in New York and not in Tuscon or Seattle and for good reason. That these two Senators are the masterminds and moving forces behind a law of such colossally important financial legislation with global ramifications should be a great cause for concern to everyone. No wonder the DOW has sunk 400 points in two days.
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