PRESS RELEASE

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New York Times Warns Bankers: Stall on Volcker May Build Support for Glass-Steagall

Aug. 13, 2016 (EIRNS)—The New York Times today warned Goldman Sachs and other too-big-to-fail (TBTF) banks that their efforts to push off compliance with the Volcker Rules until 2022 may backfire and build greater momentum for Glass-Steagall. The banks are pressing for an additional five years to complete their sell-offs of assets banned under the Volcker Rule. The Times’ warning notes that they have already had six years since Dodd-Frank was passed, and selling off the remaining banned assets will result in some losses, but will not cause their collapse. The Times is clearly worried that the momentum for Glass-Steagall has grown in recent months, with both political parties adopting planks in their platforms to reinstate Glass-Steagall, and with popular support for the breakup of the TBTF banks at an all-time high.