NAFCU Calls for Renewed Glass-Steagall Legislation

Financial regulations and compliance concerns.

Saying that the separation between commercial and investment banking should be restored, NAFCU today called for Congress to pass a new version of the Glass-Steagall Act.

“American families and small financial institutions are still recovering of the bank-led 2008 financial crisis,” NAFCU President/CEO B. Dan Berger, said, as the trade group released a white paper on the issue. “With support now on both sides of the political aisle, we believe Congress should seriously consider evaluating a modernized Glass-Steagall Act to reduce the impact of ‘too big to fail.’ As we look to the future and economists hint at another recession on the horizon, we need to make sure history does not repeat itself. Wall Street banks cannot be allowed to bring the financial system – and a nation full of consumers – to ruin again.”