CNBC made YouTube take down the original video. Below is a version of the same video.
The original Glass-Steagall Act stopped investment banks from gambling away people’s life savings for decades — until Wall Street successfully lobbied the regulators to chip away at the rules in the 1980s and Congress to repeal it entirely in 1999.
Elizabeth Warren introduced a new Glass-Steagall bill to stop Wall Street banks from gambling with the life savings of regular families. Co-sponsors of the bill are Republican John McCain, Independent Angus King, and Democrat Maria Cantwell.
The 21st Glass-Steagll Act will also help prevent future bailouts.