One of Elizabeth Warren¡¦s key ideas slid into the official GOP platform
One of Elizabeth Warren¡¦s key ideas slid into the official GOP platform
By Max Ehrenfreund July 19 „³
The Republican National Convention voted Monday night to adopt an idea advocated by Elizabeth Warren and Bernie Sanders for reforming Wall Street. The party's official platform now calls for restoring the Glass-Steagall law, which has also been a chief goal of the two progressive senators.
The legislation, enacted in 1933, divorced ordinary, Main Street commercial banking ¡X such as taking deposits and making loans ¡X from lucrative but risky and complex Wall Street banking. The law was partially repealed by President Bill Clinton, but proponents say that reinstating it would force large banks in both lines of business to break apart while fragmenting and weakening the influence of Wall Street on politics.
A few Republicans have also called for the Glass-Steagall law to be reinstated, notably Sen. John McCain (R-Ariz.) and Rick Perry, the former governor of Texas.
All the same, the inclusion of Glass-Steagall in the official platform was unexpected. Wall Street opposes reinstating the law, and many Democratic and Republican experts on the financial system argue that reenacting it would do little to prevent another financial crisis. A bill in Congress to restore the law has received little support.
[Wall Street is sitting on billions meant for American charities]
Some suggest that including Glass-Steagall was an effort by Donald Trump's presidential campaign to appeal to disaffected supporters of Sanders, the senator from Vermont who ran unsuccessfully for the Democratic nomination. Hillary Clinton, the presumptive winner of the Democratic primary, does not support reinstating the law.
¡§We believe that the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is one of the reason why you see all of the Wall Street money going to her," Paul Manafort, the chairman of Trump's campaign, said on Monday, according to Bloomberg. ¡§We are supporting the small banks and Main Street. We talk about legislation that affects, you know, some of the mistakes made in repealing Glass-Steagall."
"It seems strategic, to try to get to the left of Hillary Clinton," said Mike Konczal, a financial expert at the liberal Roosevelt Institute. "It's the one thing you could try to get to Hillary's left on."
READ MORE: https://www.washingtonpost.com/news/wonk/w...
By Max Ehrenfreund July 19 „³
The Republican National Convention voted Monday night to adopt an idea advocated by Elizabeth Warren and Bernie Sanders for reforming Wall Street. The party's official platform now calls for restoring the Glass-Steagall law, which has also been a chief goal of the two progressive senators.
The legislation, enacted in 1933, divorced ordinary, Main Street commercial banking ¡X such as taking deposits and making loans ¡X from lucrative but risky and complex Wall Street banking. The law was partially repealed by President Bill Clinton, but proponents say that reinstating it would force large banks in both lines of business to break apart while fragmenting and weakening the influence of Wall Street on politics.
A few Republicans have also called for the Glass-Steagall law to be reinstated, notably Sen. John McCain (R-Ariz.) and Rick Perry, the former governor of Texas.
All the same, the inclusion of Glass-Steagall in the official platform was unexpected. Wall Street opposes reinstating the law, and many Democratic and Republican experts on the financial system argue that reenacting it would do little to prevent another financial crisis. A bill in Congress to restore the law has received little support.
[Wall Street is sitting on billions meant for American charities]
Some suggest that including Glass-Steagall was an effort by Donald Trump's presidential campaign to appeal to disaffected supporters of Sanders, the senator from Vermont who ran unsuccessfully for the Democratic nomination. Hillary Clinton, the presumptive winner of the Democratic primary, does not support reinstating the law.
¡§We believe that the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is one of the reason why you see all of the Wall Street money going to her," Paul Manafort, the chairman of Trump's campaign, said on Monday, according to Bloomberg. ¡§We are supporting the small banks and Main Street. We talk about legislation that affects, you know, some of the mistakes made in repealing Glass-Steagall."
"It seems strategic, to try to get to the left of Hillary Clinton," said Mike Konczal, a financial expert at the liberal Roosevelt Institute. "It's the one thing you could try to get to Hillary's left on."
READ MORE: https://www.washingtonpost.com/news/wonk/w...
¡§We believe that the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is one of the reason why you see all of the Wall Street money going to her," Paul Manafort, the chairman of Trump's campaign, said on Monday, according to Bloomberg. ¡§We are supporting the small banks and Main Street. We talk about legislation that affects, you know, some of the mistakes made in repealing Glass-Steagall."