Arab Today, arab today senators propose new banking regulations
Last Updated : GMT 20:25:38
Arab Today, arab today
Arab Today, arab today

Senators propose new banking regulations

Arab Today, arab today

Arab Today, arab today Senators propose new banking regulations

Washington - AFP

A bipartisan group of US senators introduced a \"21st Century Glass Steagall Act\" on Thursday aimed at rebuilding a wall separating traditional banks from riskier activities like investment banking. Landmark legislation was introduced in the aftermath of the 1929 Wall Street crash as a way to insure savings and checking deposits and reduce the likelihood of future meltdowns, in part by separating such banking from riskier finance operations. Deregulation prevailed in the early 1980s and the original Glass-Steagall Act was repealed altogether in 1999, a move some experts have blamed for the 2007-2008 financial crisis. \"Despite the progress we\'ve made since 2008, the biggest banks continue to threaten the economy,\" bill sponsor Senator Elizabeth Warren, a Democrat and a top financial watchdog in the US Senate, said in a statement. \"The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.\" Democratic Senator Maria Cantwell and independent Senator Angus King are co-sponsors, but a key backer is Republican Senator John McCain, whose sponsorship could help draw support from his party. But it is unclear whether the bill can gain traction in Congress where many Republicans oppose tighter restrictions on the financial sector. \"Since core provisions of the Glass-Steagall Act were repealed in 1999, shattering the wall dividing commercial banks and investment banks, a culture of dangerous greed and excessive risk-taking has taken root in the banking world,\" McCain said. \"Big Wall Street institutions should be free to engage in transactions with significant risk, but not with federally insured deposits.\" The measure would help shrink the size of what have become known as banks that are \"too big to fail,\" thus minimizing the likelihood of the need for a government bailout. It would also require separation of traditional banks and financial products that did not exist when the original law passed, such as highly complicated derivatives and swaps. In 2010, Congress passed vast financial reforms, known as Dodd-Frank legislation, that instituted safeguards against behavior that led to the 2008 crisis. Regulators have yet to implement some of the Dodd-Frank rules, but members of the House of Representatives have pushed to repeal measures aimed at increasing transparency and reducing risk. In May, a deregulation package won approval in the House Financial Services Committee, with bipartisan backing, a day after President Barack Obama\'s administration urged lawmakers to reject the measures.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today senators propose new banking regulations Arab Today, arab today senators propose new banking regulations

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation

GMT 05:12 2017 Thursday ,30 March

BSF signs deal with Saudi desalination giant

GMT 20:00 2017 Wednesday ,29 March

US dollar exchange rate stable in morning trading

GMT 11:45 2017 Wednesday ,29 March

Bahrain to host FinTech Forum2017

GMT 11:42 2017 Wednesday ,29 March

Banking sector's role praised

GMT 19:27 2017 Tuesday ,28 March

US dollar exchange rate stable in morning trading
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday