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Former Maryland governor Martin O’Malley stepped up his critique of Wall Street excesses here Friday as he began his first swing through Iowa this year with a populist speech to an enthusiastic crowd of close to 300 people attending a Democratic dinner.

O’Malley, who is aggressively positioning himself as an alternative to presumed Democratic presidential front-runner Hillary Rodham Clinton, said that his party “must not allow another Wall Street meltdown to bring down hard-working families.” In a speech broadcast live on C-SPAN, he called for tougher sanctions on banks that break the law and for reinstating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.