WASHINGTON — Sens. Maria Cantwell, D-Wa., and John McCain introduced a bill Wednesday that would repeal the Gramm-Leach-Bliley Act of 1999 by restoring the walls between the banking, securities and insurance industries.
Under the Banking Integrity Act of 2009, commercial banks would be prohibited from affiliating with investment banks or vice versa. The bill would also ban commercial banks from engaging in all insurance activities. The legislation would force banks to divest their commercial and investment banking operations within one year of enactment.