As the banking industry digests the financial reform bill, Sen. Ted Kaufman, (D-Del.) told CNBC Friday that the legislation isn't "tough enough".
“I am disappointed ... it was a hard vote for me,” Kaufman said. “We have to do something to prevent these very large banks from getting into trouble. It’s too late when you get into the end of the road like what’s going on now in Greece.”
The Senate passed the financial regulation bill by a vote of 59-39 on Thursday evening. The bill is now headed to a House-Senate conference before it can be signed into law by President Obama.
Kaufman said a return to Glass—Steagall, a Depression era act which prohibited a bank holding company from owning other financial companies, should have been included in the legislation.
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“Commercial banking should be kind of a low risk, maybe low return business and investment banking has always been a high return business,” Kaufman added.