Congress Votes to Repeal Glass-Steagall Act of 1933
Congress voted to repeal Glass-Steagall and make it easier for banks, brokers and insurers to cross boundaries into each others business. The justification by legislators was to bring the banking laws up to date and make the US financial system competitive globally…as if it wasn’t already. Given that banks and brokerages thrive on exploiting conflicts of interest, this will likely not end well for the consumer…which is usually the case in situations where law makers give Wall Street whatever they ask for.
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