Economy & Wall Street

Quotes

• “Millions of Americans have struggled since the 2008 Recession, but Wall Street hasn’t. The banks that were too big to fail then are even bigger today. The people who lost their homes, jobs and life savings were not bailed out like the banks were.” (Link)
• “From the Great Depression through the turn of the 21st Century, Glass-Steagall helped keep our economy safe. Repealing it allowed too-big-to-fail banks to gamble with the savings and livelihoods of the American people, with devastating, irrevocable consequences. Hawaiʻi, along with communities across the country, paid the price in 2008 with the worst financial crisis since the Great Depression. Today, the banks that were "too big to fail" in 2008 are even bigger and more powerful now. We must reinstate Glass-Steagall and create a financial system that works for every American—not just Wall Street banks.” (Link)
• “We must break up the big banks, reinstate Glass-Steagall, and get our economy back to working for the benefit of all Americans.” (Link)

Legislation

• H.R. 3711 — 21st Century Glass-Steagall Act of 2013 to help protect Americans from the risky investment behaviors of big banks
• H.R. 3885 — Wall Street Banker Accountability for Misconduct Act requires senior executives at Wall Street’s biggest banks to defer a portion of their compensation to be held for 10 years to be used to pay penalties for violations occurring on their watch. 
• H.R. 790 — Return to Prudent Banking Act of 2017 to reinstate consumer protections put in place after the Great Depression and require separation between commercial and investment banking