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Repeal the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act.

Created by W.T. on September 23, 2011

Petition: Repeal the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act.

Explanation: This law repealed the part of the Glass–Steagall Act that had prohibited a bank from offering a full range of investment, commercial banking, and insurance services since its enactment in 1933.

Why repeal? Since banks were able to basically manipulate credit agencies' ratings of these toxic mortgage debt pools, they saw the potential of basically controlling the success of their affiliated investments and insurance programs outside natural market forces. What this means is if banks are allowed to continue expanding their interests in investments and insurance, there exists a strong influence of impropriety as well as conflict of interests (even against their own customers)

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