In a well orchestrated bipartisan push, first Trump Administration officials Gary Cohn and Steve Mnuchin indicated support for, and then Elizabeth Warren introduced, a new bill to reinstate aspect of the Glass-Stegall Act. The Glass-Stegall Act long separated commercial and investment banking activities but was repealed in 1999. We anticipated in January this might be on the table, and support this important regulatory reform.
[During] a confidential meeting yesterday...White House economic advisor and ex-Goldman executive Gary Cohn had dropped a bombshell by speaking in support of reverting to a version of the Glass-Steagall Act. It had once separated commercial banks from all other financial activities, but was repealed in 1999 – with terrible consequences that ended in the Financial Crisis. The digital ink on that article wasn’t even dry when Senator Elizabeth Warren (D-Massachusetts), who’d been part of that meeting, announced today that she and three other senators – John McCain (R-Arizona), Maria Cantwell (D-Washington), and Angus King (I-Maine) – would re-introduce “the 21st Century Glass-Steagall Act.” "Reinstating Glass-Steagall has broad bipartisan support from the public and policymakers, including from President Trump, Treasury Secretary Steve Mnuchin, and National Economic Council Director Gary Cohn.