John McCain (R-Ariz.) is teaming up with Maria Cantwell (D-Wash.) to reinstate the Glass-Steagall Act that was introduced during the Great Depression in order to keep banks from operating as a commercial bank and also an investment bank. The act was repealed in 1999 by the Gramm-Leach-Bliley Act under the Clinton Administration because of pressure from Republicans. The repeal of the Glass-Steagall Act is thought to be one of the causes of the current economic crisis.  The repeal allowed banks to make riskier investments with their depositors’ money.

There have been encouraging signed in the Obama Administration through Paul Volcker who has endorsed the reinstatement of the legislation. Although, the administration itself has not signaled willingness to encourage the legislations passage. The House currently has similar legislation that it is working on in tandem with the Senate.