The Dodd-Frank Wall Street Reform Act was the most comprehensive financial reform since the Glass-Steagall Act. It was needed because Glass-Steagall was repealed in 1999 by the Gramm-Leach-Bliley Act. This repeal was one cause of the 2008 financial crisis, when deregulated derivatives threw the entire global financial community, and then the economy, into turmoil. Like Glass-Steagall, it sought to regulate the financial markets to make another economic crisis less likely.
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Article does continue.
Zim.
Unlike Glass Steagall - which barred banks from the
securities industry and barred wall street from
playing with loans and mortgages . . . . frank dodd
is trying to 'control' things.
Glass Steagall also barred the insurance companies
and the banks from playing in each others businesses.
Since it was repealed, the cunts at countrywide quietly
shifted my home-owners insurance from the company I
had originally bought it from . . to one of their
friends - and the cost skyrocketed.
Every bank or credit union I use is trying to sell me
'life insurance' . . .
Band of America wants to be my retirement fund broker.
(Looking at all the nickel and dime fees they have
tried to inflict upon me . . . I see that as a very
BAD idea.)
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