Provisions of the Glass-Steagall act directly supported a more level economic playing field and a six decade rise of a more egalitarian financial system and strong middle class. It did so by limiting the power of financial institutions. Its 1999 repeal permitting mergers of commercial and investment banks ushered in the current era of reckless and potentially ruinous banking practices which in 2008, brought the USA and the world to the brink of financial disaster. The economy remains at great risk. Stability in America depends upon a viable middle class. While it will require updating to better function in the modern world, its reinstatement will go a long way to provide a powerful economic safety net that will more reliably limit ongoing risk to the strongest economy in the world.



