Why No Glass-Steagall II?
Say what you will about the Dodd-Frank Act of 2010, but it is weak soup by the standards of the US financial reforms enacted in the 1930’s. As a response to what is widely regarded as the most serious financial crisis in 80 years, why does it do so much less to change the structure and regulation of the US financial system?
https://prosyn.org/u6HL5b4
MANILA – Eighty years ago this month, Ferdinand Pecora, the cigar-chomping former assistant district attorney for New York City, was appointed chief counsel for the US Senate Committee on Banking and Currency. In subsequent months, the hearings of the Pecora Commission featured many sensational revelations about the practices that led to the 1930’s financial crisis.