Monday, May 03, 2010

Cantwell Part of Senate "push to get tougher on Wall St."

AP:
Liberal Senate Democrats who until now were on the sidelines are complaining that a pending financial overhaul bill backed by President Barack Obama does not go far enough to rein in Wall Street's giants.

Some want the legislation changed to break up the nation's six biggest banks. Others would be content to restrict banks' ability to engage in speculative trading or to return to Depression-era rules that walled off Main Street commercial banks and their federally insured depositors from the lucrative investment houses of Wall Street.
Howie P.S.: The story reports that Ted Kaufman of Delaware "and such Democratic senators as Carl Levin of Michigan, Sherrod Brown of Ohio, Jeff Merkley of Oregon, Sheldon Whitehouse of Rhode Island and Maria Cantwell of Washington, along with Independent Bernard Sanders of Vermont, plan to propose several changes." Regarding Cantwell:
Cantwell is considering offering an amendment based on legislation she and Republican Sen. John McCain of Arizona proposed in December. It would reinstate the 1930s Glass-Steagall Act that separated federally insured commercial banking from investment banking activities.

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