Morning Agenda: Both Parties Want to Rein In Big Banks
ByBOTH PARTIES WANT TO REIN IN BIG BANKS The Democratic convention has not started with quite the display of unity that Hillary Clinton would have hoped for to stand in contrast to the Republican convention last week, but that’s not the only thing the two parties have in common. Both have inserted the Glass-Steagall rule into their platforms. The act has only a slim chance of returning and it would probably lead to a loss of jobs as lending slows, Andrew Ross Sorkin writes.
Plus, there are obstacles to bringing it back. For one, Mrs. Clinton has suggested that efforts to revive it are misguided – a position that has angered Democrats on the left who argue that she is too close to Wall Street banks. The tension within the party was in evidence at the Democratic convention, where Elizabeth Warren’s backing of Mrs. Clinton prompted supporters of Senator Bernie Sanders to chant, “We trusted you!” – even as she said that Mrs. Clinton would fight big banks and those who profit from student debt…
Morning Agenda: Both Parties Want to Rein In Big Banks
