In Iowa speech, O'Malley calls for Wall Street reform

In Iowa speech, O'Malley calls for Wall Street reform.

Martin O'Malley, who is stumping through Iowa as he considers a bid for the White House, told Democrats on Friday night that Congress should reinstate tough Wall Street regulations that were repealed during the Clinton administration.

"We must not allow another Wall Street meltdown to bring down the hard working families of our county," the former Maryland governor said in an address to Scott County Democrats. "We have a responsibility to put that sort of repeat performance beyond the realm of the possible, by reinstating Glass-Steagall and holding people accountable when they break the law," he said.

The line in the speech followed an op-ed written by O'Malley that was published by the Des Moines Register on Friday in which he called for reinstating the 1933 regulations that put up a wall between commercial and investment banking.

The former Maryland governor, who is attempting to stake out a position to the left of presumed 2016 frontrunner Hillary Clinton, does not mention the political subtext: The regulations were repealed through legislation signed by President Bill Clinton.

O'Malley, who was elected Baltimore's mayor 10 days before Clinton repealed the provisions, is hoping to court liberal voters with a Wall Street message that, so far, has been carried mostly by Massachusetts Sen. Elizabeth Warren. Despite support from progressive groups, Warren has repeatedly waved off the idea of a presidential run.

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