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Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.) and Angus King (I-Maine) have re-introduced what they call the “21st Century Glass-Steagall Act,” a bill that would reintroduce the separation between commercial and investment banking.
The bill is aimed at “reduc[ing] risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.