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16 congress had passed the so called gramm leach bliley act along party lines led by a republican vote in the senate.
Glass steagall act clinton. On november 12 1999 president clinton signed the financial services modernization act that repealed glass steagall. Early in my career i was a wall street lawyer. Banks were engaging in the kinds of activity glass steagall was intended to stop even though the law was still on the books. One of my firm s clients was the securities industry association sia which pushed the agenda of the investment banks in washington and new york and fought to preserve glass steagall in the 1980s.
In 1999 democrats led by president bill clinton and republicans led by sen. As for the glass steagall act of 1932 the common name comes from the names of the congressional sponsors senator carter glass and representative henry b. President bill clinton s signing statement for the glba summarized the established argument for repealing glass steagall section s 20 and 32 in stating that this change and the glba s amendments to the bank holding company act would enhance the stability of our financial services system by permitting financial firms to diversify their product offerings and thus their sources of revenue and make financial firms better equipped to compete in global financial markets. The article 1933 banking act describes the entire law including the legislative history of the provisions covered herein.
The glass steagall legislation describes four provisions of the united states banking act of 1933 separating commercial and investment banking. Phil gramm joined forces to repeal glass steagall at the behest of the big banks. By the time clinton signed the financial services modernization act. On november 12th 1999 bill clinton signed into law the gramm leach bliley act which repealed some of the provisions of the glass steagall act.
The separation of commercial and investment banking. Also as president clinton supported the 1999 repeal of the glass steagall act a law dating back to the great depression that separated banking from high risk financial speculation.
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