Jul
19
G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.)
By
President Roosevelt affixing his signature to the Glass-Steagall bank reform measure in 1933. CreditBettmann/Corbis
Attacking big banks is as American as apple pie. But it’s a new entry on this year’s Republican menu.
In a convention surprise, the Republicans inserted a plank in the party platform calling for the restoration of a Depression-era law, the Glass-Steagall Act, that separated commercial and investment banking.
The law was repealed in 1999 during the Clinton administration, with bipartisan support, at the behest of the big banks, which said they needed to combine their investment and commercial functions in order to compete on the global stage…
G.O.P. Joins Democrats Urging Glass-Steagall’s Revival. (Don’t Hold Your Breath.)
