30 Issues | Breaking Up The Banks
In Franklin Delano Roosevelt's first fire side chat, he discussed America's “bad banking situation" and introduced his new Banking Act (now known as Glass-Steagall).
In our 2016 election cycle, candidates continue to debate Glass-Steagall and the role of the “bad banks,” and offer up solutions.
Pulitzer Prize-winning journalist Gretchen Morgenson, who writes the Market Watch column for the Sunday "Money & Business" section of The New York Times, discussed the history of "breaking up the banks" as a solution to corrupt banking practices.
She also discerned the differences between Glass-Steagall and the Dodd-Frank Act signed by President Obama in 2010, saying Dodd-Frank is problematic particularly because it didn't really define new rules or laws and gave lobbying armies a chance to modify and manipulate the process.
