Senate Bill Would Reimpose Glass-Steagall Act Restrictions and Repeal Broad Financial Activities Authorities Provided by the GLB Act
May 31, 2017
A bill sponsored by Sen. Elizabeth Warren (D-MA) would reimpose the Glass-Steagall Act barriers separating commercial banking from investment banking that ended with the Gramm-Leach-Bliley Act (GLB Act). The bill would also repeal the general expansion under the GLB Act of activities, including securities and insurance underwriting, permissible for bank holding companies that qualify as financial holding companies and rollback pre-GLB Act authorities that allowed bank holding companies to engage in investment advisory and securities brokerage activities.
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