Glass-Steagall Act/1999 repeal

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(Redirected from Gramm-Leach-Bliley Act)

About

The Gramm-Leach-Bliley Act (GLB Act) of 1999, also known as the Financial Services Modernization Act of 1999, is widely seen as being essentially a repeal of the 1933 Glass-Steagall Act.

Among other things, the GLB Act removed the wall separating investment banking (more risky but with higher returns) and commercial banking (more dependable but with lower returns), which is generally believed to be one of the larger mistakes leading to the 2008 financial meltdown.

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Notes

Future: Gramm-Leach-Bliley Act should eventually be a separate page about the act overall; this page should be specifically about the consequences related to its repeal of provisions in Glass-Steagall.

I had a note that repealing Glass-Steagall had been a GOP agenda item for quite some time before this, but I don't have the source for that information; this needs to be tracked down. It's certainly consistent with their anti-regulatory mania, though. --Woozle 18:47, 14 December 2009 (UTC)

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