Foreword: Arthur E. Wilmarth, Jr., A Scholar of Uncommon Conviction, Integrity, and Boldness

Abstract

Ever the contrarian, Professor Wilmarth’s proposal for a new Glass-Steagall is still too much for many to stomach. Numerous otherwise sympathetic readers (not to mention Wall Street and its lobbying forces on K Street) shrink away from his bold structural reforms. Yet, unlike in the 1990s, his ideas have recently gained traction in high quarters. In 2016, the platforms for the Democratic and Republican parties both supported restoring Glass-Steagall. The following year, U.S. Senators Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine), reached across the aisle to introduce the “21st Century Glass-Steagall Act.” While a new Glass-Steagall Act is not yet upon us, it has ascended to mainstream policy debate. I doubt that it would have reached this point but for Professor Wilmarth’s powers of insight, vision, persuasion, and indefatigable persistence. Although he has retired from his faculty in name, Professor Wilmarth continues to fight for the enactment of a new Glass-Steagall Act. Our nation is better off for it.