Alex Pollock moderates: Is it time to reinstate the Glass-Steagall Act?

R Street’s Alex Pollock will moderate a panel at the American Enterprise Institute discussing the question, “Is it time to reinstate the Glass-Steagall Act?”

Some politicians have argued that the Dodd-Frank Act has not done enough to prevent a future financial crisis and that Congress should reinstate the Glass-Steagall Act to separate commercial and investment banking.

Most recently, Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Maria Cantwell (D-WA), and Angus King (I-ME) reintroduced the 21st Century Glass-Steagall Act of 2017. The bill requires institutions that offer Federal Deposit Insurance Corporation­–insured deposits to be “narrow banks” — institutions that primarily take deposits and make consumer and commercial loans. It attempts to stop taxpayer bailouts and end “too big to fail” by segregating deposit-taking institutions from financial institutions engaged in higher-risk financial activities.

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