WASHINGTON—Sen. Elizabeth Warren (D-MA) has introduced legislation that would resurrect some provisions of the Glass-Steagall Act, including one again separating commercial banks from investment banks, among other things.
“While NAFCU has not specifically endorsed any existing bill to date, it believes that Glass-Steagall should be looked at in closer depth to assess its impacts on the U.S. economy and consumers,” the trade association said in response.
NAFCU last year released a white paper calling on Congress to assess and discuss a modernized Glass-Steagall Act to hold big banks accountable. The association has also advocated against efforts to loosen Volcker rule requirements.