JPMorgan Chase Blowout Fuels Demands for Glass-Steagall Now: Elizabeth Warren, who is running for the U.S. Senate against Scott Brown, sent out a mass emailing today, calling for Glass-Steagall. Her call has been fully backed by the Progressive Change Campaign Committee, which has a banner headline call to reinstate Glass-Steagall on their website and is conducting a petition drive.
Forbes magazine's website Monday also published a column by the Small Business Authority headlined "Bring Back Glass-Steagall," which called for the repeal of Dodd-Frank as well as the reinstatement of Glass-Steagall. "We think the Dodd-Frank bill, with its excess of 2,000 pages of regulation, does not help our current structural issues and that we should strongly consider bringing back Glass-Steagall. Our capital markets have grown significantly over the past 25 years, which reduces the need for banks to finance risky ventures as other financing vehicles and structures are well suited and available to fill that void. We think these changes would be great for small business and the health of the United States economy."
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