Four senators yesterday re-introduced what they called the “21st Century Glass-Steagall Act,” a bill that would reintroduce barriers between commercial and investment banking. The bill, sponsored by Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.) and Angus King (I-Maine), would prohibit FDIC-insured depository institutions from engaging in insurance, securities or swaps activity or to be affiliated with any such entity.
Court lifts remaining nationwide injunction on BOI collection
A federal court has lifted its nationwide injunction on beneficial ownership information collection, citing a U.S. Supreme Court ruling in a separate case on the constitutionality of the Corporate Transparency Act.