Congress Mulls Reinstating Glass-Steagall

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Wall Street is under that fist.
Wall Street is under that fist. Photo: Getty Images

Republican Sen. John McCain and Democratic Sen. Maria Cantwell plan to team up tomorrow to introduce a bill that would reinstate the Glass-Steagall Act, a depression-era law that forced the separation of commercial banks and investment banks. The law was repealed in 1999 by the Gramm-Leach-Bliley Act, which many blame for the great economic collapse. House Majority leader Steny Hoyer is also talking up a return of Glass-Steagall. Today he said renewing the law "is certainly under discussion," and added, "As someone who voted to repeal Glass-Steagall, maybe that was a mistake."

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[Newsweek]