Elizabeth Warren is emerging as the strongest critic of J.P. Morgan, following their $2 billion trading loss, calling for vast new regulation of the financial industry.
In a new radio ad, the Massachusetts Senate candidate calls for a new Glass-Steagall Act to once again separate high risk banking from ordinary banking. That law was on the books from1929 to 1999, when it was repealed.
“Did you see the headline,” Warren asks in the ad. “One of America’s biggest banks lost $2 billion in just a few weeks. Even now, Wall Street banks that got bailed out are still at it gambling recklessly.”
“There’s a real choice in this election and it’s about whose side you’re on,” Warren added in a statement. “Scott Brown sides with Wall Street and they’re investing to keep him in the Senate. I’ve taken on Wall Street and will keep taking on Wall Street to stand up for Massachusetts’ middle class families.”