It’s now apparent that the Dodd-Frank banking regulations are so weak that the taxpayer is still on the hook to bail the giant banks out when they indulge in risky behavior. The stricter regulations that were in effect until 1999 (called the Glass-Steagall Act) protected taxpayers from that and should be brought back.
Elizabeth Warren and John McCain have joined to work for this. There are bills in the House and Senate, and grassroots support is very much needed to push this through against the strong influence of the banks. Taxpayers should call or email Tim Johnson, chairman of the Senate Banking Committee, as well as their U.S. senators, U.S. representative and the president to urge a return to Glass-Steagall.