It is Time for Reinstatement of the Glass-Steagall Act

Repeal of the Glass-Steagall Act in 1999 enabled investment and commercial banking arms of U.S. banks consolidate into bank holding companies. While the repeal maintained firewalls between investment and commercial banking arms of bank holding companies, it created a much larger problem that regulators either did not anticipate, or did not think would turn out to be as severe as it apparently…