Maine Editor Says “Sen. King Can Lead On Glass-Steagall Restoration”

Senator Angus King (I-Maine) is urged to take the lead on restoring Glass-Steagal in an op-ed in Seacoastonline.com, a consortium of the Portsmouth Herald and five other Maine and New Hampshire newspapers. Douglas Rooks, described as a former newspaper editor, writes that he was skeptical about King at first, but that he’s turned out to be a pleasant surprise, and he’s trying to maintain his independent credentials. Rooks says that King “has at least one opportunity to change things in a way that will cause consternation among both parties, which are heavily dependent on campaign contributions from the financial sector” — which is to push the fight to restore Glass-Steagall to center stage this year. Rooks notes that King has co-sponsored the bill to reinstate G-S with Elizabeth Warren and John McCain. He continues:

“Restoring this wall of separation isn’t like most financial issues — incredibly complex — but at bottom, quite simple. Under other New Deal reforms still in place, the government guarantees deposits in the private banking system we all rely on. But banks weren’t allowed, under Glass-Steagall, to dabble in high-profit but much riskier investment opportunities….

“Wall Street hates the prospect of the return of Glass-Steagall, and will do everything in its power to prevent it. But it needs to be done.

“Fortunately, for King and other supporters, the issue is clear enough to build a real groundswell of public support. Unlike arcane banking rules, practically everyone can understand this one. And people hate rigged games, of which current banking law is a prime example.

“If King can bring this fight to center stage this year, he will begin to justify the confidence voters showed when they sent him to Washington.”

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