White House distances itself from Glass-Steagall push

White House distances itself from Glass-Steagall push
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The White House wants to keep its distance from a liberal push to re-implement legislation that would break up big banks.
Progressives like Sen. Elizabeth Warren (D-Mass.) are calling for a reimplementation of Glass-Steagall, which would require big banks to divide commercial and investment banking.
"At this point, we believe that the kind of implementation of Wall Street reform is the most effective way to protect our economy and middle-class taxpayers," White House press secretary Josh Earnest told reporters at a press briefing Friday when asked whether President Obama supports it.
Earlier this month, Warren brought back legislation that would re-implement the law.
Democratic presidential front-runner Hillary Clinton hasn't said whether she supports it. Two of Clinton's main 2016 primary challengers — Sen. Bernie Sanders (I-Vt.) and former Maryland Gov. Martin O'Malley — both support the push.
Earnest said the administration is still focused on implementing the 2010 Dodd-Frank Wall Street Reform law.
"Wall Street reform has been incredibly effective at reforming our financial system in a way that looks our for the interests of middle-class families and taxpayers," Earnest said.
Most economists and Federal Reserve policymakers refute liberals' assertions that the repeal of Glass-Steagall was part of the cause of the 2008 crisis.