Trump himself campaigned on a populist message, and the Republican Party's official (https://www.gop.com/the-2016-republican-party-platform/) platform , unveiled at the Republican National Convention in July, reflected this image in at least one respect, calling for "reinstating the
Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment."
The legislative response to that crisis included the Securities Act of 1933, the Securities Exchange Act of 1934 and the
Glass-Steagall Act of 1933, plus volumes of new regulations.
Financial regulation does a lot of things, so as examples, let's take a simplified look at the
Glass-Steagall Act of 1933, securities regulation, and prudential regulation.
Burke Dotson wanted to work to reinstate the
Glass-Steagall Act of 1933 to separate commercial and investment banks.
After the repeal in 1999 of the
Glass-Steagall Act of 1933, large banking institutions were no longer barred from trading stocks, bonds, and other investments.
This separation, of course, was the prime purpose of the
Glass-Steagall Act of 1933, a piece of legislation that Weill and other bankers had watered down, with Alan Greenspan's support, before Weill helped engineer its official demise in 1999.
22) which repealed parts of the
Glass-Steagall Act of 1933 which had prohibited non-insurance companies from offering insurance contracts.
Resurrect legislation beneficial to the 99 percent, such as the
Glass-Steagall Act of 1933, the 1999 repeal of which helped cause our financial meltdown, and the 1959 Fairness Doctrine, the 1980 repeal of which helped cause the proliferation of conservative hate radio and the creation of Fox News - entities that are major contributors to the "dumbing down" of society, as well as to the rejection of New Testament values by a hypocritical Christian electorate now enamored with a Nietzschean "survival of the fittest" gestalt.
At the heart of the political check was America's
Glass-Steagall Act of 1933.
The Federal Reserve System, created in 1913, and the Federal Deposit Insurance Corporation, established by the
Glass-Steagall Act of 1933, contributed to stability, but left intact the fundamental structural weakness inherent in an underregulated, fragmented banking system.
In 1999 two Republican politicians in America backed by all the Republicans in The Senate and House of Representatives ended the
Glass-Steagall Act of 1933 that kept bankers from wrecking the world economy as they had in the late '20s.
Accordingly, this empirical note investigates factors influencing the bank failure rate over the period 1970 through 2008, with emphasis on a major banking statute, namely, the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLBA), a statute that essentially repealed the
Glass-Steagall Act of 1933. The hypothesis being preliminarily tested is that the GLBA exposed banks to increased risks and uncertainty in a volatile stock market and thereby inadvertently induced an increase in the bank failure rate.
