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Title:

Congress's 1999 Repeal of the Glass-Steagall Act Passed in 1933 Could Cause the Next Great Depression

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The collapse of financial markets in the first Great Depression led to the US Congress to enact laws that would hopefully insure that such a collapse would never again happen. To that end, in 1933 the Glass-Steagall Act was passed by Congress and signed into law. Acknowledging the role that investment banks had played in the Great Depression, the passage of the Glass-Steagall Act in 1933 separated investment banking and commercial banking to insure that investment bank speculation would not again destabilize commercial banks as it did during the Great Depression leading to the loss of America’s savings. What bankers hath joined together let no man put asunder However, in 1999, the US Congress repealed the Glass-Steagall Act and America was once again vulnerable to the highly ...

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