GLASS-STEAGALL – PRIMO PASSO PER LA LIBERAZIONE DAL PARASSITISMO FINANZIARIO. IL PARTITO REPUBBLICANO AMERICANO NE HA PROPOSTO IL RIPRISTINO.

Bill Clinton Signs Repeal of Glass-Steagall

The banking and financial industry complained about the Banking Act of 1933 even as Congress debated it. As the Act worked its way through Congress, banks vigorously opposed it, causing some doubts about whether it would pass, especially with the provisions Carter Glass advocated that prevented banks from entering into the stock market.

Initial Banking Opposition to Glass-Steagall

The centerpiece of the debate over Glass-Steagall was a three-week filibuster by Louisiana Senator Huey Long, which would stand as the longest filibuster in Congressional History until Strom Thurmond’s filibuster of the Civil Rights Bill. This so incensed Glass that he accused Long of being in the pockets of the banks. The American Banking Association opposed the bill. According to a paper by Jill M. Hendrickson

in 1932, 36 percent of national bank profits came from their investment affiliates (Wall Street Journal 1933b, p. 1).

Glass, in his typical style, made this point more forcefully:

Nobody can conceive of the damage done by these affiliates. They literally loaded the portfolios of interior banks with foreign securities approved by this abominable State Department. [New York Times, December 6, 1933]

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