This Washington

Will Sen. Cantwell Push for Glass Steagall?

By Josh Feit April 26, 2010

As the U.S. Senate gets closer (or not) to a vote on the banking industry regulation bill, we checked in with Sen. Maria Cantwell, who has made Wall Street reform her main issue.

When we spoke with Sen. Cantwell earlier this year about her fight to reform Wall Street, we asked her what her "must haves" were for a meaningful bill.

We got a comprehensive list: absolute separation between commercial and investment banking (reenactment of the Depression-era Glass Steagall Act); a cap on bank size by market share; all derivatives shall be traded and regulated through a central clearinghouse; and stricter standards governing market speculation like limits on aggregate positions across markets.]

My scorecard has everything but Glass Steagall in play. Asked if Cantwell would try to put Glass-Steagall back in the mix, her office said they "believe" she'll offer a Glass Steagal amendment, but "cannot swear to it at the moment because there are too many moving parts right now."
Show Comments