The banks that caused the 2008 financial crisis with their greed and recklessness are even bigger now than they were ten years ago. Separating risky investment banking and “boring” commercial banking will help prevent financial crises – and bailouts – and refocus banks on serving their customers. Not only would this make bank activities less risky, it would make the institutions smaller, breaking up megabanks and leveling the playing field for smaller banks.
We urge Congress to enact the 21st Century Glass-Steagall Act (S.881), a bipartisan bill introduced by Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine).