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President Bill Clinton's signing statement for the GLBA summarized the established argument for repealing Glass–Steagall Section's 20 and 32 in stating that this change, and the GLBA's amendments to the Bank Holding Company Act, would "enhance the stability of our financial services system" by permitting financial firms to "diversify their product offerings and thus their sources of revenue ...
Sen. Carter Glass (D–Va.) and Rep. Henry B. Steagall (D–Ala.-3), the co-sponsors of the Glass–Steagall Act. The sponsors of both the Banking Act of 1933 and the Glass–Steagall Act of 1932 were southern Democrats: Senator Carter Glass of Virginia (who by 1932 had served in the House and the Senate, and as the Secretary of the Treasury); and Representative Henry B. Steagall of Alabama ...
The Federal Reserve Board supported "repeal" of Glass–Steagall "insofar as it prevents bank holding companies from being affiliated with firms engaged in securities underwriting and dealing activities." [95] The Board did not propose repeal of Glass Steagall Section 16 or 21. Bank holding companies, through separately capitalized subsidiaries ...
The Glass-Steagall Act of 1933 was created to make sure average citizens' savings were not lost in investment banks' mistakes. The act lasted for decades, but was repealed in the '90s after ...
The Glass-Steagall Act -- a law passed in 1933 that separated investment banking from commercial banking with the aim of preventing another Great Depression -- was repealed exactly 10 years ago ...
The Gramm–Leach–Bliley Act passed in November 1999, repealing portions of the BHCA and the Glass–Steagall Act, allowing banks, brokerages, and insurance companies to merge, thus making the CitiCorp/Travelers Group merger legal. Also prior to the passage of the Act, there were many relaxations to the Glass–Steagall Act. For example, a ...
The term "Glass–Steagall Act", however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. [2] That limited meaning of the term is described in the article on Glass–Steagall Legislation.
Hillary Clinton considered bringing back a bill similar to the one her husband repealed in 1999, according to emails released by WikiLeaks on Monday. Clinton weighed reinstating Glass-Steagall ...