New Glass-Steagall Bill Pushed by Sens. Warren, McCain

The legislation would clarify "regulatory interpretations of banking law provisions that undermined the protections under the original Glass-Steagall and would make 'Too Big to Fail' institutions smaller and safer, minimizing the likelihood of a government bailout," the senators said.

"Despite the progress since 2008, the biggest banks continue to threaten our economy," said Warren. "For fifty years, the original Glass-Steagall Act helped produce broad-based economic growth and avoid any major financial crisis. The 21st Century Glass-Steagall Act will re-establish the wall between commercial and investment banking and make our financial system more stable and secure," adding that "it's time to get it done."   

McCain added that "even with the thousands of pages of misguided and burdensome regulations imposed by Dodd-Frank in the wake of the 2008 financial crisis, there are indications that this culture of risky behavior continues today. That's why I believe it is critical for Congress to reinstate the protections that separated main street banks and investment banks."

The 21st Century Glass-Steagall Act of 2017 "would return banking 'back to the basics' and go far to restore Americans' confidence in the banking system."