By Simon Johnson Jul 11, 2013 10:51 AM PT

Financial reform is stuck. There was sensible intent in the Dodd-Frank legislation of 2010, but the pressure from global megabanks has overwhelmed regulators.

The only way to remake the system is through renewed and focused impetus from Congress. Today may have marked that moment: Four senators — Republican John McCain, Democrats Elizabeth Warren and Maria Cantwell, and Independent Angus King — have unveiled their “21st century Glass-Steagall Act,” which has potential to protect us from the worst problems in the banking industry while making it a better engine of prosperity.

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