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Editorial See other Editorial Articles Title: Elizabeth Warren Suggests Breaking Up The Banks By Reinstating Glass-Steagall Elizabeth Warren Suggests Breaking Up The Banks By Reinstating Glass-Steagall The Huffington Post | By Bonnie Kavoussi Posted: 11/05/2012 11:11 am EST Updated: 11/05/2012 11:11 am EST Share on Google+ Elizabeth Warren Banks 161 10 0 5 250 Get Business Alerts: Sign Up Follow: Elizabeth Warren, Video, Elizabeth Warren Glass-Steagall, Elizabeth Warren 2012, Elizabeth Warren Banks, Elizabeth Warren Big Banks, Elizabeth Warren Scott Brown, Elizabeth Warren Senate, Elizabeth Warren Wall Street, Glass-Steagall, Business News Breaking up the big banks is a Wall Street reform that Elizabeth Warren may work to implement if she's elected to the U.S. Senate Tuesday. "They have been lobbying the regulators to try to weaken the rules, to put loopholes in them, to try to delay them and try to get rid of them outright," Warren said on a call with volunteers Sunday, according to the Raw Story. "If they [regulations] are not strong enough, then I think we need to take another look at Glass-Steagall, separating the commercial banking activities from the investment activities." Warren, who has emerged as a voice of the public against big finance, is trying to unseat Sen. Scott Brown (R-Mass.) in a competitive race. Warren is slightly ahead of Brown, according to recent polls. Money has poured into the Warren campaign from across the country, and the two campaigns have spent a total of $68 million as of mid-October. Warren, a Harvard Law School professor, dreamed up and helped implement the Consumer Financial Protection Bureau, which has been in place for more than a year after the Dodd-Frank Act paved the way for the agency. It has been busy battling bank practices that hurt consumers, responding to specific consumer complaints, and sounding the alarm about growing private student loan debt. She also served as overseer of the Troubled Asset Relief Program (TARP), the U.S. bank bailout program, between 2008 and 2010. In that role, she pressed for answers as to why the government gave away money to banks without forcing them to make leadership changes or swallow losses. She also demanded answers about how much TARP truly cost taxpayers. Warren said last year on MSNBC that TARP took away the cost of risk-taking for big banks: "We said, in effect, at the top, there's really not any pain in return for taxpayer support. Not so much so when it comes to folks at the bottom." Though it may come as no surprise that Warren, a consumer advocate, has called for breaking up the big banks, her opinion is shared by other more conservative critics such as Neil Barofsky, who succeeded Warren as TARP overseer, former Citigroup CEO Sandy Weill, and Frost Bank chairman emeritus Tom Frost. Post Comment Private Reply Ignore Thread
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