The repeal of the Glass-Steagall Act in 1999 effectively removed the separation between investment banking and commercial banking. Glass-Steagall, passed in 1933, mandated the separation of commercial and investment banking in order to protect depositors from risky investment and speculation. The repeal of this Act was a major factor in removing protections that contributed to the 2007 subprime mortgage financial crisis. While additional regulations may also be required to establish a safe economic climate the repeal of Glass-Steagall fostered the "too big to fail" institutions that created the current economic crisis and re-instituting this Act is a critical first step in rebuilding the a safe, secure and fair economy. MoveOn.Org hopes that you will support this petition.
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