Warren, McCain introduce bill to bring back Glass-Steagall | TheHill

English: John McCain official photo portrait.

English: John McCain official photo portrait. (Photo credit: Wikipedia)

This is a really important story from The Hill.

via Warren, McCain introduce bill to bring back Glass-Steagall | TheHill.

The Glass-Steagall Act, introduced after the US depression in the thirties, segregated investment and retail banks. When President Clinton repealed Glass-Steagall, it opened the way to massive abuse in the financial services industry that lead to the 2008 economic disaster.

Surely, it’s about time that the UK introduced legislation to break up the big banks, like the US?

Thoughts?

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