McCain Introduces Bill to Reinstate Glass-Steagall Act

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McCain and Cantwell Introduce Bill to Reinstate Glass-Steagall Act

Under the proposed legislation, firms operating both commercial banks and investment houses would be required to choose whether to focus on commercial banking or investment banking. The companies would then have a year to comply with the law.

The McCain/Cantwell measure would prohibit commercial banks from affiliating in any manner with investment banks and vice versa. It would prohibits commercial banks from engaging in all insurance activities.

It is widely accepted that it was the repeal of Glass-Steagall that allowed for the excesses to occur that caused the credit crisis and the ensuing recession.

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