With the American Economy in crisis the White House should SHEPHERD this act through congress.
Democratic Representative Marcy Kaptur has introduced H.R. 1489 - the Return to Prudent Banking Act of 2011, 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.
That would go a long way toward preventing banks from becoming “too big to fail,” preventing some risky investments and also another worldwide financial meltdown.
The United States would then be obligated to refrain from establishing new firewalls between different types of banking, with the reinstatement of the 'Glass-Steagall Act.'