Elizabeth Warren took the opportunity of the five-year-anniversary of the financial crisis striking to assail her fellow Congress members of enabling a system of banks “too-big-to-fail” to continue.
In a speech Wednesday, Warren stated her support for the reinstatement of the Glass-Steagall Act — a favorite among policy-focused Occupy Wall Street participants — which would force a separation between commercial and investment banking. Warren also criticized government regulatory agencies for failing to ensure banking institutions follow through with the rules required by the Dodd-Frank Act, initially passed in 2010 to strengthen financial sector regulations. Warren said she failed to understand the “logic” of policymakers in this regard, according to her prepared remarks:
Since when does Congress set deadlines, watch regulators miss most of them, and then take that failure as a reason not to act? I thought that if the regulators failed, it was time for Congress to step in. That’s what oversight means. And that’s certainly a principle that would have served our country well prior to the crisis… So what I want to know is this: how much longer should Congress wait for regulators to fix this problem? Another three months? Another three years? Until the next big bank comes crashing down?