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Reply #18: Repeal the Clinton repeal of the Glass Steagall Act that allowed for much of this ! [View All]

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EVDebs Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-03-07 05:22 PM
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18. Repeal the Clinton repeal of the Glass Steagall Act that allowed for much of this !
"Two separate United States laws are known as the Glass-Steagall Act. The Acts (Glass & Steagall) were both reactions of the U.S. government to cope with the economic problems which followed the Stock Market Crash of 1929.

Both bills were sponsored by Democratic Senator Carter Glass of Lynchburg, Virginia, a former Secretary of the Treasury, and Democratic Congressman Henry B. Steagall of Alabama, Chairman of the House Committee on Banking and Currency....

On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One impact of this repeal is that certain advisory activities of the banks are now regulated by the Investment Advisers Act of 1940."

http://en.wikipedia.org/wiki/Glass-Steagall_Act

Clinton's deregulation of these oversight/regulatory acts affecting the banking industry helped spur on this sub-prime fiasco and the simultaneous 'self dealing' through affiliates both foreign and domestic.

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