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Elizabeth Warren Pushes Bipartisan Glass-Steagall Versus Wall Street
April 28, 2014 • 7:51AM

Appearing Sunday on ABC This Week, Sen. Elizabeth Warren (D-Mass.), who is on nationwide book tour for her new book, A Fighting Chance, made a strong pitch for Congress to pass Glass-Steagall with strong bipartisan support. The introduction by George Stephanopoulos touted Warren as a populist who has energized the fight against Wall Street, and mooted her emerging as an alternative candidate to Hillary Clinton for the Democratic presidential nomination in 2016. Warren has adamantly insisted she is not running and has signed a letter by all of the current Democrat women in the Senate urging Hillary to run.

After assailing the disintegration of the legislative process through the overwhelming power of financial industry lobbyists and lawyers, she confirmed that she has been a strong critic of the Obama administration's cozy relationship with Wall Street. She did defend the fact that Obama supported the creation of the Consumer Protection Agency (although he refused to appoint her as the first agency head in a clear sop to Wall Street) and noted that the agency has forced banks and other credit card agencies to pay back over $3 billion in funds that were cheated from customers since its inception.

The main point she made, in reply to Stephanopoulos' comments on the lack of bipartisanship, was that she has partnered with John McCain--a Republican--and Angus King--an independent--along with Maria Cantwell in pushing a 21st Century Glass-Steagall bill to break up the banks and re-establish a secure commercial banking system. She again said that bankers should be jailed when they commit crimes like everyone else, and that they are not is a key indication of just how far the playing field has been tilted.


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