McCain and Warren walk down memory lane, but nostalgia is not enough to end Too Big to Fail.

‘The 21st-Century Glass-Steagall Act’

By James Pethokoukis

Hollywood knows nostalgia sells. That’s why cineplexes are stuffed with sequels, remakes, and reimagined versions of 1960s TV shows. But can Washington use nostalgia to break up America’s megabanks? Senators John McCain and Elizabeth Warren are giving it a shot. The Arizona Republican and Massachusetts Democrat last week unveiled their “21st-Century Glass-Steagall Act,” which would restore the barrier between commercial banking and investment banking first established by the Banking Act of 1933. That prohibition, known as the Glass-Steagall “wall” after congressional sponsors Senator Carter Glass of Virginia and Representative Henry Steagall of Alabama, was repealed by the Financial Services Modernization Act of 1999, legislation signed by President Bill Clinton.

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