Dodd-Frank did not correct the problem. Banks which enjoy deposit insurance are still free to gamble with securities.

A proposed bill:

112TH CONGRESS – 1ST SESSION H. R. 1489

To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called ‘‘Glass-Steagall Act’’, and for other purposes.

Read the entire bill here.

 

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