Word: bliley
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After the talk, I found myself wondering how these banks grew so large in the first place. In 1999, Congress passed the Gramm-Leach-Bliley Act, allowing retail banks (which accept deposits and issue personal loans), investment banks (which trade securities and manage corporate acquisitions), and insurers to merge. Subsequently, the pace of bank mergers accelerated, creating gigantic one-stop financial shops. When these banks teetered on the brink last year, Congress, fearing that their collapse would cause economic cataclysm, was forced to bail them...
Reversing Gramm-Leach-Bliley would help prevent future financial crises before they start, improve the efficiency of America’s banks, and protect taxpayers from future bailouts. Instead of being too big to fail, America’s banks ought to be small enough to succeed...
...didn't have commercial banks ready to step in, you'd have a vastly bigger crisis today," says Jim Leach, a Republican former Congressman from Iowa (and current Barack Obama supporter) whose name is on the Gramm-Leach-Bliley Act that repealed Glass-Steagall. Leach is no neutral observer, and there can be no proving that Glass-Steagall repeal has made the world safer. But amid the predictable debate now underway about how much new financial regulation is needed, it just doesn't make a very convincing scapegoat for the crisis...
...banks healthy, not by shoving them back into their New Deal box but by reasserting their central role in the financial system. Glass-Steagall repeal can best be understood as part of this effort. So was 1994 legislation allowing interstate branching. This was a bipartisan movement: The Gramm-Leach-Bliley legislation passed the Senate 90-8 (Joe Biden was for it; John McCain didn't vote, but had supported the bill in an earlier roll call...
...party leadership. In 1996, he voted against the GOP’s nominee for speaker of the House, citing ethics concerns about then-Rep. Newt Gingrich (R-Ga.).Despite those tensions, Leach helped to push through one of the biggest banking reforms in U.S. history, the Gramm-Leach-Bliley Act of 1999. The legislation allowed banks to affiliate freely with securities and insurance firms and included new privacy regulations for financial institutions.“Jim always had good reasons,” Cox, the SEC chairman, said. “He didn’t always convince everyone...