Read the full text of the Glass-Steagall Act, (a.k.a. the Banking Act of 1933, from the archives of the Federal Reserve Bank of St. Louis). This Act protected the U.S. financial system from its passage in 1933 to its repeal under the Bill Clinton administration in 1999. Just nine years after the Act was repealed, the U.S. experienced the worst financial collapse at the hands of Wall Street since the Great Depression. The Federal Reserve has been bailing out the Wall Street megabanks in various ways since December 2007. The restoration of the Glass-Steagall Act, which would mandate a separation of federally-insured banks from the trading casinos on Wall Street, is an essential component of restoring long-term financial stability to the U.S. financial system.
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Recent Posts
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- With Crypto Bank, SoFi, the Fed Is Setting the Stage for the Same Disastrous Decision It Made with Citigroup in 1999
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- Evidence Grows that Crypto and Federally-Insured Banks Are a Combustible Mixture
- U.S. Justice Department Steps into the FTX Bankruptcy Case in Delaware
- FTX’s Latest Casualties: Federally Insured Crypto Banks
- The Latest Digital Token Scheme from Hell: New York Fed Teams Up with Citigroup and Sullivan & Cromwell
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- This Is Where Bankrupt FTX’s Money Went: $74 Million for Caribbean Real Estate; $59 Million to Politicians; Tens of Millions to Big Law, Celebrity Endorsements…
- Big Law Firm, Sullivan & Cromwell, Did Significant Legal Work for Bankrupt Crypto Exchange, FTX
- FTX, Second Largest Crypto Exchange, Halts Withdrawals as Bankruptcy Nears and Justice Department Circles
- The Crypto Billionaire Featured on the Cover of Fortune in August Has Flamed Out in One Week
- Welcome to Election Day from Hell: Run on a Major Crypto Exchange; Hurricane Forecasted to Hit Third Most Populous State; Billionaires Behaving Badly
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- Three 2nd Circuit Judges, all in their 80s, Decide Traders Rigging Libor Wasn’t Really a Crime
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- Fed’s Powell Calls U.S. Economy “Robust” as Personal Savings Rate Collapses to Same Level as in Financial Crisis of 2008
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- As Putin’s Murder of Civilians Continues Across Ukraine, GOP’s McCarthy Says He’ll Rethink Aid to Ukraine
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- Credit Suisse and the Fed’s Plunge Protection Team
- Here’s the Chart of the Global Bank Causing Panic in Markets This Morning
- Two Senators – a Republican and a Democrat – Testify to Senate Banking Committee on China’s Threat to U.S. National Security and Competitiveness
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- There’s a War for the Fed’s Ear on Inflation Between Larry Summers and Jeremy Siegel – It’s Getting Nasty
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- NYS Attorney General Documents a Decade of “Staggering” Fraud by Donald Trump, the Man Allowed to Run the U.S. Government from 2017 to 2020
- First Donald Trump Purloins Top Secret Documents; Now Morgan Stanley Allows Its Clients’ Social Security Numbers to Get Auctioned on Hard Drives
- Goldman Sachs and Morgan Stanley Have Mysteriously Disappeared from this Week’s Senate and House Banking Hearings
- A Fossil Fuels Giant Has Been Raising the Election Chances of Extreme-Right Candidates — Using a Dangerous High-Tech Weapon
- AIG Was Brought Down by Derivatives in 2008. It Just Spun Off a Company Whose Prospectus Mentions Derivatives 371 Times
- JPMorgan Chase, Morgan Stanley and Wells Fargo Flunk a Test Measuring their Support for American Democracy
- The Market Is Freaking Out Over the Potential for a Perfect Storm: Fed Tightening, Shaky Mega Banks, and a Sharp Decline in Household Wealth
- Trump Administration Prosecutor Charges in New Book that Justice Department Was Corrupted by Trump and Attorney General William Barr
- Nonfiction Book Explains the Oligarchs’ Plot to Break Up the U.S. – To Make It Easier to Sell Off Its Parts
