Spooked by Glass-Steagall’s Ghost?
Until the 1990’s, the Glass-Steagall Act in the US separated commercial and investment banking – a rule that was central to US financial regulation (and thus to the operation of the global financial system) for more than a half-century. And now those who sought Glass-Steagall's repeal are expressing second thoughts.
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CAMBRIDGE – America’s long-controversial Glass-Steagall Act of 1933, which separated deposit-taking commercial banks from securities-trading investment banks in the United States, is back in the news. This separation long symbolized America’s unusual history of bank regulation – probably the most unusual in the developed world.