Industry officials dispute need for a new Glass-Steagall

07/15/2013 | Los Angeles Times (tiered subscription model)

As Sen. Elizabeth Warren, D-Mass., took to Twitter and other media to rally support for a modern Glass-Steagall Act, industry officials said the law would not have prevented the financial crisis. Scott Talbott, senior vice president for public policy at The Financial Services Roundtable, said Dodd-Frank Act reforms addressed the problems of the crisis. "Returning to Glass-Steagall would take the industry backward," he said. "It's better to take the industry into the present, to modernize, rather than go back into the 1930s."

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