July 12, 2013
King sponsors revived Glass-Steagall Act
U.S. Sen. Angus King joined a bipartisan group of lawmakers to sponsor a bill calling for banks to split their traditional banking operations from riskier investment services.
Reuters reported the bill, called the 21st Century Glass-Steagall Act, is also sponsored by Republican Sen. John McCain of Arizona and Democratic Sen. Maria Cantwell of Washington.
Supporters say splitting commercial and investment banking services would reduce exposure of the Federal Deposit Insurance Corp. to riskier investment banking activities. The bill would call for a five-year transition period to divide those banking operations.
Previous attempts to revive the Glass-Steagall Act of 1933 have failed.
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