Martin O’Malley Challenges White House Rivals on Glass-Steagall

[bigtree]

Speaking in Washington today at a forum hosted by former Rep. Brad Miller (D-N.C.), Martin O’Malley never mentioned any other candidate by name, but he called on all of the Democrats running for president to commit to Wall Street reform that includes a new version of the Glass-Steagall Act.

“We made a commitment to the American people that we’d follow through on Wall Street reform, and we have not done that yet,” O’Malley said. “Any Democrat running for president who expects to succeed in the general election I believe will need to make basic commitments … to pass a modern version of Glass-Steagall.

“For 70 years we separated the speculative banking activities from the depository activities and it worked,” O’Malley said. “We need to return to our true selves and put in a modern version.”

Sen. Elizabeth Warren (D-Mass.) has introduced a bill that would require big banks to split up their commercial and investment banking divisions. The law is popular among many liberals. Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) said last week he supports Warren's bill.

read: http://thehill.com/blogs/ballot-box/presidential-races/248967-omalley-seizes-on-glass-steagall


Democratic presidential aspirant Martin O’Malley called for all 2016 White House contenders to embrace steps aimed at reining in big U.S. banks.

___ “Every Democrat who is running for president needs to commit to finishing the job that Dodd-Frank started,” the former Md. governor says in statement

___Candidates should be “clear” on 4 points:

-- Passing modern Glass-Steagall Act to ensure banks split the “casino side from the consumer side”

-- “Closing the revolving door between regulatory agencies and Wall Street”

-- Preventing “architects of Wall Street deregulation” from serving in top administration posts

-- Imposing “real” penalties on cos. that break law

related:

O’Malley Channels Warren in Call for Breakup of Large U.S. Banks;

Clinton Won’t Propose New Glass-Steagall, Blinder Says: Reuters


Martin O'Malley in D.C. today speaking about his economic proposals to rein in Wall Street
http://www.democraticunderground.com/1251470494

[peacebird]

1. Good!

[NCTraveler]

2. K&R.

http://www.politico.com/magazine/story/2015/02/overtime-pay-115540.html#.VbEv99LbKUk

Adding the link in case you didn't see it in the past. It's from February.

[Hortensis]

3. Also good. Hopefully will force Hillary to explain just what her supposed alternatives would be.

Most people I respect are for Glass-Steagall, but some support other viable alternatives, such as working through Dodd-Frank. For me, I'd LOVE to see the breakup of the big banks and am willing to pay whatever price might, or might not, be involved.

I remember when our then-bank, Bank of America, was only allowed to operate in three states. Jobs were plentiful in spite of that, pay high, and we didn't all disappear in a nuclear holocaust. Since then we've divorced ourselves from an increasingly rapacious and exploitive BoA twice and moved to the other side of the country only to have our accounts "bought back" willy-nilly each time. Too big to get away from is even worse than too big to fail.

[FSogol]

4. K & R. n/t

[KoKo]

5. Liberals Roar As Bernie Sanders Joins Elizabeth Warren On Bill To Reinstate Glass-Steagall-7/17/15

Liberals Roar As Bernie Sanders Joins Elizabeth Warren On Bill To Reinstate Glass-Steagall

Friday, July, 17th, 2015, 11:55 am

Two of the most prominent liberals in the Senate have joined forces to take on the big banks as Sen. Bernie Sanders (I-VT) has announced that he is teaming up with Sen. Elizabeth Warren (D-MA) to co-sponsor her bill that would reinstate the Glass-Steagall Act.

In a statement, Sanders said:

I strongly support Sen. Elizabeth Warren’s bill to reinstate the Glass-Steagall Act.

http://www.politicususa.com/2015/07/17/liberals-roar-bernie-sanders-joins-elizabeth-warren-bill-reinstate-glass-steagall.html