« Never again. »
That’s what my colleagues in the U.S. Senate and I said after the dismantling of Glass-Steagall allowed big banks to throw our country into a harrowing financial crisis. In 2010, I opposed the Wall Street reform bill in part because it failed its fundamental task: preventing another financial crisis.
But here we are, five years later, and our biggest banks are even bigger. Wall Street is still allowed to gamble with your savings account. And if they make a bunch of bad bets again, taxpayers will once again be on the hook to bail them out — because it wasn’t fixed in 2010, the biggest Wall Street banks are still « too big to fail. »
Your savings account shouldn’t be Wall Street’s gambling money, and your tax dollars shouldn’t be their insurance policy. That’s why I am supporting the 21st Century Glass-Steagall Act. It is a tri-partisan bill that would protect taxpayers by once again putting a wall between your savings account and risky Wall Street investment banking and doing the job that should have been done five years ago.
If you believe no bank should be too big to fail, I’m asking you to join me in supporting the new, Warren-backed 21st Century Glass-Steagall Act.
I’m proud that in 1999, I was one of just eight senators who stood up and opposed repealing the Glass-Steagall protections in the first place — protections that safeguarded families against these abusive banking practices. When big banks pursue high-risk activities, they must do so at their own risk, not ours. Taxpayers should not be stuck with the bill for a bank’s failed choices.
Senators John McCain, Angus King, Maria Cantwell, and Elizabeth Warren have teamed up to protect taxpayers and I couldn’t be happier to support them. It’s time for renewed protections. It’s time for the 21st Century Glass-Steagall Act.
This bill would mean real reform. Thank you for standing with me today.