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Recently,
a number of authoritative voices have
called for a return to the New Deal Glass-Steagall
legislation as the most appropriate response
to the clear failure of the 1999 Financial
Modernization Act to provide stability
of the financial system. However, a clear
understanding of the 1933 Banking Act,
and subsequent regulatory interpretation
and legislation suggest that this would
be difficult, if not impossible. A new
Glass-Steagall Act would have to be substantially
different from the original, and some
of the internal structural contradictions
that led to its demise remedied.
January 21, 2010.
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