Three days ago, a bi-partisan group of Senators announced the filing of a bill to restore a measure of sanity in financial markets. This bill seeks to restore the firewall erected in 1933 with the Glass-Steagall Act which prohibited financial institutions from being both banks and stock investment agents. This much-needed and long-overdue bill would restore a measure of stability to our beleaguered financial system. While not a true fix or cure for the profit system, at least average bank customers would be protected from the kind of wild speculation which has caused so much damage. This reform along with others would go a long way toward restoring citizen confidence.
Unfortunately, such efforts do not go far enough. For instance, we still have standing an opinion from the Supreme Court that corporations can give unlimited amounts of cash to sway elections. Many other such outrages would remain.
But the coalition of Senators deserves high marks for this important step to try to restore some rationality to our financial and civic life.
To see the press statement from Senator Cantwell, one of the bill's sponsors follow this link or click on the blog post title above.
http://cantwell.senate.gov/news/record.cfm?id=324753
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