A Quote by Elizabeth Warren
The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.
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The administration will look at Glass-Steagall and what I referred to as the 21st-century Glass-Steagall as part of regulatory reform.
Since JPMorgan Chase announced its surprise $2 billion-and-growing trading loss, there have been renewed calls from economists, pundits, and politicians to reinstate the Glass-Steagall Act, a Depression-era law that prevented commercial banks from participating in investment banking activities.
On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into. I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [banks] to go into the investment banking business as continental European investment banks could always do, that it might give us a more stable source of long-term investment.
I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I would have brought back Glass-Steagal.
I would say that folks who have looked at this issue for a long time, whether it's Elizabeth Warren or many other economists, will tell you that right now, yes, we do need a 21st century Glass-Steagall legislation.
Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.
I've made a commitment to attracting 21st Century jobs to Alabama so that our hard-working citizens can count on a more secure future for their families and communities.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.
A stable 21st century society requires 21st century solutions not 20th century economics
In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.
In the 21st Century, the community of nations may see more and more of this very kind of threat that Iraq poses now - a rogue state with biological and chemical weapons. If we fail to respond, Saddam and all those who follow will believe that they can threaten the security of a vital region with impunity. But if we act now as one, we will send a clear message to would-be tyrants and terrorists that we will do what it takes to protect our security and our freedom in this new era.
Should we think about separating the investment banks from the commercial banks, a new Glass-Steagall? I would be really excited to see that. I think it would be great for the economy.
To get our economy back on track and keep it functioning properly without the problems of our financial institutions, we need reasonable regulations that will protect Main Street while at the same time allow Wall Street to do what it does best - make money for American investors.
I stand before you tonight as a young American, a proud American, of a generation born as the Cold War receded, shaped by the tragedy of 9/11, connected by the digital revolution and determined to re-elect the man who will make the 21st century another American century - President Barack Obama.
In Western Pennsylvania, our parents and grandparents left us a strong system of roads, rails, bridges, locks, dams, streetcars, and more - an investment that paid off throughout the twentieth century. It now falls to our generation to rebuild and improve upon this system for the twenty-first century.
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