Unlike Bernie Sanders and Martin O'Malley who have explicitly called for reinstating Glass-Steagall legislation if they were President along with Senator Elizabeth Warren in the Senate, Hillary Clinton declined to fight to reinstate the act. Instead she offered her own 'reforms' on banks that would supposedly be more tougher than reinstating the act.
Hillary Clinton on Tuesday dismissed the idea of reinstating a Depression-era banking law that has found champions in two of her Democratic opponents, setting up what will likely be a flashpoint in next week's Democratic primary debate.
Asked by a voter in Iowa about reinstating the Glass-Steagall Act, a law that separated commercial and investment banks until its repeal under President Bill Clinton, Hillary Clinton said that her Wall Street plan -- which will be unveiled next week -- would be "more comprehensive" than reinstating the law.
Meanwhile Wall Street doesn't seem worried one bit about Hillary Clinton's "tough" proposals on banks.
Hillary Clinton unveiled her big plan to curb the worst of Wall Street's excesses on Thursday. The reaction from the banking community was a shrug, if not relief.
"We continue to believe Clinton would be one of the better candidates for financial firms," wrote Jaret Seiberg of Guggenheim Partners in a note to clients analyzing her plan.