— by Sen. Elizabeth Warren
We learned during the 2008 financial crisis that Wall Street is not just taking risks with their own money — they are taking risks with the whole economy.
A new Glass-Steagall would separate high-risk investment banks from more traditional banking. It would allow Wall Street to take risks, but not by dipping into the life savings and retirement accounts of regular people.
And by making banks smaller, a new Glass-Steagall could also help put an end to banks that are “too big to fail” — further avoiding costly taxpayer bailouts.