U.S. Senator Elizabeth Warren is eager to pursue legislation that would break up Wall Street megabanks and has pushed the issue with members of the Trump administration.
“We’re certainly reaching out to the administration,” Warren, a Massachusetts Democrat, said in an interview with Bloomberg Television airing Wednesday. “‘So far we’ve had some good conversations and that’s what I want to see happen. I’m ready. Because you know, this is one of those basic things– folks on Wall Street may resist it. But most of the American people get it.”
At issue is the Glass-Steagall Act, a Depression-era law repealed in 1999 that had separated investment and commercial banking. Warren says reviving the law would make the financial system safer, while protecting consumers from Wall Street’s risky market bets. President Donald Trump and other administration officials, including top White House economic adviser Gary Cohn, have also spoken favorably of reinstating some version