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.
Survey: High interest rates make bank customers want to spend less
Forty percent of people said that "unfamiliarity" is the main factor keeping them from trying a small bank. Nearly 60% said that a higher interest rate is the most important factor when considering switching bank accounts.