Old Rocks
Diamond Member
Spoken like a true and dedicated leftist Old Rocks And we could derail the thread by going back to the Bush administration 'sins' for sure. But just looking at the Glass Steagall issue alone, trying to pin that one on the Republicans alone is pretty hard to do. And the issue also tracks all the way into the Obama record.
I'm using Wiki because of the pretty exhaustive research somebody has done on the subject and because it fits pretty close to what I understand of the whole history of the Glass Steagall issue. . . .
. . . .just to keep it honest
President Bill Clintons signing statement for the GLBA summarized the established argument for repealing Glass-Steagall Sections 20 and 32 in stating that this change, and the GLBAs amendments to the Bank Holding Company Act, would enhance the stability of our financial services system by permitting financial firms to diversify their product offerings and thus their sources of revenue and make financial firms better equipped to compete in global financial markets.[353]
On January 4, 1995, the new Chairman of the House Banking Committee, Representative James A. Leach (R-IA), introduced a bill to repeal Glass-Steagall Sections 20 and 32.[287] After being confirmed as Treasury Secretary Robert Rubin announced on February 28, 1995, that the Clinton Administration supported such Glass-Steagall repeal.[288] Repeating themes from the 1980s, Leach stated Glass-Steagall was out of synch with reality[289] and Rubin argued it is now time for the laws to reflect changes in the worlds financial system.[288]
(Keeping in mind that the House and Senate were controlled by Democrats in 2009)
During the 2009 House of Representatives consideration of H.R. 4173, the bill that became the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Representative Maurice Hinchey (D-NY) proposed an amendment to the bill that would have reenacted Glass-Steagall Sections 20 and 32 and also prohibited bank insurance activities. The amendment was not voted on by the House.[411]
On December 16, 2009, Senators John McCain (R-AZ) and Maria Cantwell (D-WA) introduced in the Senate the Banking Integrity Act of 2009 (S.2886), which would have reinstated Glass-Steagall Sections 20 and 32, but was not voted on by the Senate.[411][412]
GlassBefore the Senate acted on its version of what became the Dodd-Frank Act, the Congressional Research Service issued a report describing securities activities banks and their affiliates had conducted before the GLBA. The Report stated Glass-Steagall had imperfectly separated, to a certain degree commercial and investment banking and described the extensive securities activities the Federal Reserve Board had authorized for Section 20 affiliates since the 1980s.[413]
The Obama Administration has been criticized for opposing Glass-Steagall reenactment.[411][414] Treasury Secretary Timothy Geithner testified to the Joint Economic Committee that he opposed reenacting Glass-Steagall and that he did not believe the end of Glass-Steagall played a significant role in causing the financial crisis.[415]
You are correct. The Republicans pushed the bill, and Clinton traded on it. Very dumb move on his part. However, it was still the GOP that pushed it.
As for the failure to repeal it, there are all too many Dems just as willing to take bank money as there are GOP.