Press Coverage of “Unfinished Mission” Event and Report
Warren urges Congress to Tackle ‘Too-Big-to-Fail’ by Curbing Bank Activities
(Emmanuel Olaoye, Reuters, 11/13/13)
“Three years after Congress passed the Dodd-Frank Act, the country’s biggest banks are bigger than ever, while the risk to the financial system has grown out of proportion, Senator Elizabeth Warren told an audience of reform advocates at a conference yesterday. Speaking at an event organized by the Roosevelt Institute and Americans for Financial Reform, Warren, a Massachusetts Democrat, said the financial reform law had failed to resolve the problem of big banks posing a risk to the financial system and that Congress needed to pass legislation that would prevent the banks from harming the financial system.
“Warren, who before her election to the Senate was a driving force for creating the Consumer Financial Protection Bureau, said the four biggest banks in the country are 30 percent larger than they were five years ago, while the five largest banks own more than half of the banking assets in the country. She said Congress needed to take action to deal with banks that are too-big-to-fail.”
A ‘Roadmap’ for Financial Reform
(Ned Resnikoff, MSNBC, 11/12/13)
“The sweeping financial reform law known as Dodd-Frank may have been an important step in the right direction, but it didn’t go nearly far enough, according to a comprehensive report on financial reform being promoted by Massachusetts Senator Elizabeth Warren.
“’We still have a financial system that’s very vulnerable to collapse, and the next collapse may very well be far worse than the last crisis,’” Center for American Progress senior fellow and former congressman Brad Miller, one of the report’s contributors, told MSNBC…
“In her speech at the event, Warren argued that the problem of ‘too big to fail’ banks had only gotten worse. ‘Today, the four biggest banks are 30% larger than they were five years ago. And the five largest banks now hold more than half of the total banking assets in the country,’ she said.
“[W]e wanted to talk about a range of issues that are the unfinished or only partially completed business of financial reform.” said [AFR’s policy director] Marcus Stanley, one of the paper’s two editors. But I think the other deeper reason is this stuff is all connected. The financial fragility that was created, that led to the crisis, it led to bad lending on the consumer side … but it also involved a comprehensive failure at every step.”
Warren Urges Congress to Tackle ‘Too-Big-To-Fail’ by Curbing Bank Activities
(Emmanuel Olaoye, Reuters, 11/13/13)
“Three years after Congress passed the Dodd-Frank Act, the country’s biggest banks are bigger than ever, while the risk to the financial system has grown out of proportion, Senator Elizabeth Warren told an audience of reform advocates at a conference yesterday. Speaking at an event organized by the Roosevelt Institute and Americans for Financial Reform, Warren, a Massachusetts Democrat, said the financial reform law had failed to resolve the problem of big banks posing a risk to the financial system and that Congress needed to pass legislation that would prevent the banks from harming the financial system…”
Warren: End ‘Too Big to Fail’
(Bryan Koenig, CNN, 11/12/13)
“Five years after the financial crisis, there remain banks that are “too big to fail,” Warren warned. She called for sharper regulation of banking institutions and, more specifically, a revised version of the Glass-Steagall Act, the Depression-era law which restricted the role of certain financial institutions.”
Elizabeth Warren Says Growth of Wall Street Banks Poses Threat of Another Economic Meltdown
(Mattias Gugel, Boston Globe, 11/12/13)
“In a speech to the Americans for Financial Reform and the Roosevelt Institute, Warren took large swings at both the Obama administration and Congress for not following up when regulators missed deadlines to impose new regulations under the 2010 Dodd-Frank legislation.
“’Who would have thought five years ago, after we witnessed firsthand the dangers of an overly concentrated financial system, that the ‘Too Big To Fail’ problem would only have gotten worse?’ Warren asked.” ( Underline AFR )
Warren: New Wall Street Overhaul Needed
(Peter Schroeder, The Hill, 11/12/13)
“Sen. Elizabeth Warren (D-Mass.) on Tuesday said Congress should write new rules for Wall Street because the regulators implementing the Dodd-Frank law have come up short. Blasting the Dodd-Frank rules as years late and ‘watered-down’ by financial lobbyists, Warren said the time is ripe for Congress to return to the drawing board and come up with new rules of the road for Wall Street.”
With Fervent Fans Behind Her, Warren Rages Crusade as Happy Warrior Populist
“Sen. Elizabeth Warren, D- Mass., a hero to progressives, has said she isn’t planning her own White House bid. But there’s plenty of speculation. The New Republic, a liberal magazine, ran a cover story this week entitled ‘Hillary’s Nightmare’ making a persuasive case for Warren to run.
“Whether she makes a play for the nomination or not, Warren has a fervent fan base. She ‘does speak with remarkable clarity about issues and knowledge and passion about issues that are complicated but important,’ said Lisa Donner, executive director of Americans for Financial Reform. Warren reinforces people’s sense that ‘they are right to be angry when things are unfair, and that the deck is stacked — but that it is possible to fight back and win.’”