ELIZABETH WARREN’S EARLIER EMAIL TO PCCC MEMBERS:
About a year ago, on the campaign trail, I asked PCCC members to join with me in pushing for a new Glass-Steagall bill.
This law stopped investment banks from gambling away people’s life savings for decades — until Wall Street successfully lobbied the regulators to chip away at the rules in the 1980s and Congress to repeal it entirely in 1999.
Over 100,000 people joined the fight. And now, I am proud to introduce the 21st Century Glass-Steagall Act — along with Republican John McCain, Independent Angus King, and Democrat Maria Cantwell — as my first big banking bill in the U.S. Senate.
We learned during the 2008 financial crisis that Wall Street is not just taking risks with their own money — they are taking risks with the whole economy.
A new Glass-Steagall would separate high-risk investment banks from more traditional banking. It would allow Wall Street to take risks, but not by dipping into the life savings and retirement accounts of regular people.
And by making banks smaller, a new Glass-Steagall could also help put an end to banks that are “too big to fail” — further avoiding costly taxpayer bailouts.
Please help us pass a new Glass-Steagall Act. Join the fight here.
I’ve already talked about this petition on MSNBC, and I’ll keep my Senate colleagues informed of the growing public support for this reform.
By mobilizing people across the nation, we can get this done.
Thank you, Senator Elizabeth Warren
Be a Seed for Change 