2013-07-11 — huffingtonpost.com
``The new bill, which is also cosponsored by Sens. Maria Cantwell (D-Wash.) and Angus King (I-Maine), would require banks that accept federally insured deposits to focus on traditional lending and would bar them from engaging in risky securities trading. The separation between lending and trading was originally imposed in 1933 by the Glass-Steagall Act. Cantwell and McCain previously introduced the plan as an amendment to the 2010 Dodd-Frank financial reform bill, but the largely symbolic bill was never approved. The legislation introduced today would also bar banks that accept insured deposits from dealing swaps or operating hedge funds and private equity enterprises. ''
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