The Banking Act of 1933, or more popularly known as the Glass-Steagall Act, limited commercial bank securities activities and affiliations between commercial banks and securities firms, restricting the way Wall Street investment firms could gamble investors monies on high risk derivative investments. The GBLA of '99 removed such restrictions, and had a direct impact on the market crash of '08. By reinstating Glass Steagall, we will be ensuring that our investment markets remain strong and investment firms cannot make high risk investments that could bankrupt private citizens and cause major market disruptions.
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