American financial regulation : Twelfth time lucky?(U.S. Congress tries to overturn law that enforces separation of commercial banking, investment banking, and insurance)(Brief Article)
Economist (US), The, February, 1999
NEW YORK
F AT first you don't succeed, try, try again." What Robert the Bruce, once King of Scotland, is said to have learned from a spider's attempts to make its web has been taken to heart by America's legislators. On February 10th Congress launched its twelfth bid to kill the Glass- Steagall Act, enacted in 1933 to enforce a separation of commercial banking, investment banking and insurance. (The spider took only seven tries.) Hopes are high that, this time, persistence will at long last be rewarded.
Previous attempts at reform ran into well-funded lobbying from whichever firms had most to lose from change. At first, the commercial banks led the call for reform, and the insurers and investment banks resisted. Then the Federal Reserve, the main...
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