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updated Thu. December 22, 2022

Glass-Steagall was a response to risky banking activities in the run-up to the Great Depression, and widespread bank failures were unthinkable until the housing meltdown of 2008, which was facilitated in part by the repeal of Glass-Steagall. (In between there was the collapse of the savings and loan ...

The Glass-Steagall Act of 1932 was the first step toward the Banking Act of 1933, which is commonly referred to as the Glass-Steagall Act. The original 1932 legislation came about after the Great Depression caused dozens of U.S. banks to fail. Senator Carter Glass of Virginia and Representative Henry ...
Gabbard has long-supported true financial reform, including a restoration of the Glass-Steagall Act, breaking up too-big-to-fail banks, and increased capital requirements for the nation's largest banks. She has supported legislation like the Return to Prudent Banking Act, which would reinstate provisions of ...
Those calling for a return to Glass-Steagall seek to reenact the anti-affiliation provisions that were repealed by Gramm-Leach-Bliley, so that JPMorgan Chase & Co. will be forced to divest itself of either its commercial bank or its investment bank. There are respectable arguments for such an approach,
Nearly 20 years after Congress killed it, Glass-Steagall is making a comeback in the Trump era. One problem: no one knows what a revival of the Depression-era banking law should look like. The original Glass-Steagall Act of 1933 prohibited traditional banks from also doing the riskier work of investment ...
President Donald Trump on Monday said he is considering breaking up big Wall Street banks, by splitting their consumer business from their investment operations. "I'm looking at that right now," he told Bloomberg News. White House spokesman Sean Spicer said there were no further details and no ...
Then in 2013, a bipartisan group of United States senators — led by Senator Elizabeth Warren, Democrat of Massachusetts, and Senator John McCain, Republican of Arizona — proposed what they called the 21st-Century Glass-Steagall Act with the goal of breaking up banks with assets greater than $50 ...
Last week, Gary Cohn, the former Goldman Sachs executive who is the head of Trump's National Economic Council and, supposedly, a figure of growing influence in the Administration, told a group of senators that he's open to reviving the Glass-Steagall Act, the 1933 law that separated commercial and ...
The divide between commercial and investment banking, or what was called the 21st Century Glass-Steagall Act, would be reinstated. • One amendment would expand the CARD Act to include other financial products marketed on college campus, including debit cards and checking accounts. • The use of ...
After repealing Glass-Steagall, Rubin almost immediately took up a cushy job at Citigroup, a newly created financial firm he brought about while Treasury secretary, collecting more than $150 million in compensation between 1999 and 2008. Citibank was poorly governed, and ended up in disaster after the ...


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