When the Glass-Steagall Act was passed during the Great Depression, it separated commercial and investment banking so that banks could not gamble with our savings. For the six decades, banks did not experience another crisis. After it's repeal, banks started consolidating creating too big to fail institutions. The Financial Crisis Inquiry Commission reported that: “More than 30 years of deregulation and reliance on self-regulation by financial institutions ...had stripped away key safeguards, which could have helped avoid catastrophe."
Regulations passed do not take into account that regulators see themselves as working for the best interest of banks, not us. As evidence, not one banker has gone to jail.
It's time to re-instate the strict separation of commercial & investment banking.