In her keynote address at Americans for Financial Reform, Massachusetts Senator Warren challenged Congress to resolve the ‘too big to fail’ banking debacle. The 2008 crash and subsequent Bush Recession have cost Americans more than 14 trillion dollars or $120,000 for every household in the country.
Warren stated that banks are now 30% larger than they were 5 years ago — and if that’s not bad enough: five banks are in control of over half the total banking assets in America, with the largest banks receiving $83 billion in taxpayer subsidies.
Senator Warren ridiculed those who are not in favor of immediately putting banking regulations into place. She criticized Congress for failing to act on the issues and claimed that oversight is the responsibility of Congress. If they had done their jobs in 2008, the financial collapse could have been avoided.
“They were wrong then and they are wrong now. The Glass Steagall act will restore the stability of the financial system that began to disappear in the 1980’s and 1990’s.”
Watch Senator Warren’s remarks here: