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RE: Clinton signed that into law?
Posted on: February 18, 2020 at 15:43:02 CT
JayHoaxH8r MU
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On November 12, 1999, President Clinton signed the Financial Services Modernization Act that repealed Glass-Steagall. Congress had passed the so-called Gramm-Leach-Bliley Act along party lines, led by a Republican vote in the Senate.
The repeal of Glass-Steagall consolidated investment and retail banks through financial holding companies. The Federal Reserve supervised the new entities. For that reason, few banks took advantage of the Glass-Steagall repeal. Most Wall Street banks did not want the additional supervision and capital requirements.
Those that did became too big to fail. This required their bailout in 2008-2009 to avoid another depression.
The repeal of Glass-Steagall consolidated investment and retail banks through financial holding companies. The Federal Reserve supervised the new entities. For that reason, few banks took advantage of the Glass-Steagall repeal. Most Wall Street banks did not want the additional supervision and capital requirements.
Those that did became too big to fail. This required their bailout in 2008-2009 to avoid another depression.
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RE: Clinton signed that into law? - JayHoaxH8r MU - 2/18 15:43:02