Sen. Warren Introduces Updated Glass-Steagall Legislation

One of the best damn people Massachusetts or any other state ever sent to Washington is working to keep the big banks from tanking the economy again:

A bipartisan group of four senators that includes Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) introduced an updated version of the landmark Glass-Steagall Act on Thursday, aimed at reining in risk at America's largest Wall Street banks.  [snip]

The new bill, which is also cosponsored by Sens. Maria Cantwell (D-Wash.) and Angus King (I-Maine), would require banks that accept federally insured deposits to focus on traditional lending and would bar them from engaging in risky securities trading. The separation between lending and trading was originally imposed in 1933 by the Glass-Steagall Act.

 OK.  We admit to a huge politi-crush on Sen. Warren, so we're happy to see she's translating her words into actions.  Even though the bill is unlikely to get past the knuckle-draggers in the Rethuglican House (even if it makes it out of the Senate), it may be the start of the reform that was needed but bypassed after the 2008 collapse.  Having her on the Senate Banking Committee is a gift that keeps on giving. (h/t to P.E.C. - again!)