BROWSE BY TOPIC
Stories of Interest
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
- A Culprit for Financial Site Glitches: You and Your Apps
- Investor Protection, Capital Formation and Market Integrity Are Top Priorities in SEC Budget Request
- We Must Stop Out-Of-Control Trading or U.S. Capitalist System Will Break Down - Dick Bove
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Conflicted: In Support of Restoring Glass-Steagall
[Photo: by Andrew Harrer / Bloomberg]
Until it was repealed in 1999, the Glass–Steagall Act provided for the separation of commercial and investment banking. It prevented securities firms and investment banks from taking deposits, while preventing commercial Federal Reserve member banks from:
- dealing in non-governmental securities for customers
- investing in non-investment grade securities for themselves
- underwriting or distributing non-governmental securities
- affiliating (or sharing employees) with companies involved in such activities
During the presidential campaigns, Donald Trump pledged to restore the Glass-Steagall Act, and last month WH spokesman Sean Spicer said that Trump remains committed to that pledge.
Yesterday, at a private meeting arranged by Senate Banking Committee Chairman Mike Crapo, Gary Cohn, who heads the National Economic Council, expressed support for a policy that would separate the consumer-lending businesses of large Wall Street banks from their investment banking. The remarks surprised some of the attendees, who would have thought that this former Wall Street executive would be more inclined to try and influence the Trump administration to take a pass on such radical legislation.
Nevertheless, the remarks led a White House official to say later that Cohn was simply reiterating the Trump administration's view that the banking system should be simplified with a focus on helping business grow and create jobs.
The Trump administration gets curiouser and curiouser.