A bipartisan group of Senators said Thursday that they plan to reintroduce the 21st Century Glass-Steagall Act just as President Donald Trump's economic adviser Gary Cohn voiced support for the move.
Elizabeth Warren, D-Mass., along with John McCain, R-Ariz.; Maria Cantwell, D-Wash.; and Angus King, I-Maine – who first banded together to introduce the bill in 2013 – said their new bill would be a modern version of the Banking Act of 1933 (Glass-Steagall) that protects American taxpayers, helps community banks and credit unions compete, and decreases the likelihood of future financial crises.
The senators noted that President Trump along with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn (who noted his support in a Wednesday Bloomberg interview) have all voiced support for reinstating the walls between commercial and investment banking.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
