O'Malley outlines steps to tighten regulations on financial markets, large Wall Street banks

MarketsAssociated Press

Democrat Martin O'Malley is making tougher oversight of Wall Street a centerpiece of his presidential campaign, outlining steps to bring more regulations to large banks and tax high-frequency trading.

The former Maryland governor was releasing a series of policy proposals Thursday aimed at regulating large banks and cracking down on financial industry excess.

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O'Malley says he would seek to reinstate the Glass Steagall Act, which required Wall Street firms to separate their commercial and investment banking practices, until it was repealed in 1999. Liberals contend its repeal helped contribute to the 2008 financial crisis.

O'Malley's agenda reflects Massachusetts Sen. Elizabeth Warren's populist push to police Wall Street in recent years. He remains relatively unknown against Democratic rivals Hillary Rodham Clinton and Vermont Sen. Bernie Sanders.