U.S. Senators Maria Cantwell (D-WA) and John McCain (R-AZ) introduced a bill into the Senate on December 16, 2009, that would basically repeal the Gramm-Leach-Bliley Act of 1999 and reinstate the Glass-Steagall Act of 1933. Senate bill 2886, aka the “Banking Integrity Act,” would prohibit commercial banks from engaging in insurance activities and disallow affiliations between commercial banks and investment banks. Banks engaged in these activities or relationships would be forced to divest themselves of the disallowed operations within one year after the passage of the bill.
Wednesday, December 23, 2009
SENATE BILL THREATENS GRAMM-LEACH-BLILEY
U.S. Senators Maria Cantwell (D-WA) and John McCain (R-AZ) introduced a bill into the Senate on December 16, 2009, that would basically repeal the Gramm-Leach-Bliley Act of 1999 and reinstate the Glass-Steagall Act of 1933. Senate bill 2886, aka the “Banking Integrity Act,” would prohibit commercial banks from engaging in insurance activities and disallow affiliations between commercial banks and investment banks. Banks engaged in these activities or relationships would be forced to divest themselves of the disallowed operations within one year after the passage of the bill.
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