This Fight Is Our Fight, by Elizabeth Warren: on Budget & Economy


Donald Trump: Campaigned for Glass-Steagall; but administration opposes it

I don't love all regulations--no one does--but some problems can be solved only when our government writes and enforces a set of rules.

For starters, we should put in place a modern version of Glass-Steagall and separate plain-vanilla banking like checking accounts and savings accounts from crazy risk-taking on Wall Street. This doesn't have to be partisan. My first cosponsor for a twenty-first-century Glass-Steagall bill was the Republicans' 2008 presidential nominee, Senator John McCain. In 2016, Donald Trump campaigned on this idea, and, at his insistence, adopting Galss-Steagall was added to the Republican platform. But the Republican leadership has refused to move any such legislation and now President Trump has put in place an economic team that is headed in the opposite direction.

Here's another idea: The SEC should hire a leader who doesn't work for Wall Street.

Oh, and here's a good one: when CEOs break the law, they ought to go to jail, just like anyone else.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p. 93-4 Apr 18, 2017

Elizabeth Warren: Regulations built economic stability after 1930s

From the 1790s to the 1930s, there weren't many financial regulations, and the economy swung back and forth from boom to bust every twenty years or so. Banks boomed and banks crashed. The busts were long and hard; with no cop on the beat, uneasy investors held tight to money that might have funded good business ideas on Wall Street. With no antitrust laws, corporations began to grow much bigger, and many ran roughshod over both customers and smaller competitors.

Franklin Roosevelt reined in the big banks and giant corporations in ways that had never been done before. Government became a more active participant in keeping markets honest. Together, over time, we built economic stability and growth. In the 1980s, Ronald Reagan turned that around. He declared that government was the enemy and began unraveling the regulatory net, and he led the country down a path that ultimately resulted in the greatest economic crash since the Great Depression.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p. 91-2 Apr 18, 2017

Elizabeth Warren: Separate consumer banking from risks on Wall Street

I don't love all regulations--no one does--but some problems can be solved only when our government writes and enforces a set of rules.

For starters, we should put in place a modern version of Glass-Steagall and separate plain-vanilla banking like checking accounts and savings accounts from crazy risk-taking on Wall Street. This doesn't have to be partisan. My first cosponsor for a twenty-first-century Glass-Steagall bill was the Republicans' 2008 presidential nominee, Senator John McCain. In 2016, Donald Trump campaigned on this idea, and, at his insistence, adopting Galss-Steagall was added to the Republican platform. But the Republican leadership has refused to move any such legislation and now President Trump has put in place an economic team that is headed in the opposite direction.

Here's another idea: The SEC should hire a leader who doesn't work for Wall Street.

Oh, and here's a good one: when CEOs break the law, they ought to go to jail, just like anyone else.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p. 93-4 Apr 18, 2017

John McCain: Pushed GOP platform to adopt Glass-Steagall

I don't love all regulations--no one does--but some problems can be solved only when our government writes and enforces a set of rules.

For starters, we should put in place a modern version of Glass-Steagall and separate plain-vanilla banking like checking accounts and savings accounts from crazy risk-taking on Wall Street. This doesn't have to be partisan. My first cosponsor for a twenty-first-century Glass-Steagall bill was the Republicans' 2008 presidential nominee, Senator John McCain. In 2016, Donald Trump campaigned on this idea, and, at his insistence, adopting Galss-Steagall was added to the Republican platform. But the Republican leadership has refused to move any such legislation and now President Trump has put in place an economic team that is headed in the opposite direction.

Here's another idea: The SEC should hire a leader who doesn't work for Wall Street.

Oh, and here's a good one: when CEOs break the law, they ought to go to jail, just like anyone else.

Source: This Fight is Our Fight, by Sen. Elizabeth Warren, p. 93-4 Apr 18, 2017

  • The above quotations are from This Fight Is Our Fight
    The Battle to Save America's Middle Class

    by Elizabeth Warren
    .
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Candidates and political leaders on Budget & Economy:

Retired Senate as of Jan. 2015:
GA:Chambliss(R)
IA:Harkin(D)
MI:Levin(D)
MT:Baucus(D)
NE:Johanns(R)
OK:Coburn(R)
SD:Johnson(D)
WV:Rockefeller(D)

Resigned from 113th House:
AL-1:Jo Bonner(R)
FL-19:Trey Radel(R)
LA-5:Rod Alexander(R)
MA-5:Ed Markey(D)
MO-9:Jo Ann Emerson(R)
NC-12:Melvin Watt(D)
SC-1:Tim Scott(R)
Retired House to run for Senate or Governor:
AR-4:Tom Cotton(R)
GA-1:Jack Kingston(R)
GA-10:Paul Broun(R)
GA-11:Phil Gingrey(R)
HI-1:Colleen Hanabusa(D)
IA-1:Bruce Braley(D)
LA-6:Bill Cassidy(R)
ME-2:Mike Michaud(D)
MI-14:Gary Peters(D)
MT-0:Steve Daines(R)
OK-5:James Lankford(R)
PA-13:Allyson Schwartz(D)
TX-36:Steve Stockman(R)
WV-2:Shelley Capito(R)
Retired House as of Jan. 2015:
AL-6:Spencer Bachus(R)
AR-2:Tim Griffin(R)
CA-11:George Miller(D)
CA-25:Howard McKeon(R)
CA-33:Henry Waxman(D)
CA-45:John Campbell(R)
IA-3:Tom Latham(R)
MN-6:Michele Bachmann(R)
NC-6:Howard Coble(R)
NC-7:Mike McIntyre(D)
NJ-3:Jon Runyan(R)
NY-4:Carolyn McCarthy(D)
NY-21:Bill Owens(D)
PA-6:Jim Gerlach(R)
UT-4:Jim Matheson(D)
VA-8:Jim Moran(D)
VA-10:Frank Wolf(R)
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