Who repealed the Glass-Steagall Act?

The Glass Steagall Act President Roosevelt signed into law was repealed. See who swept aside the banking firewall protections on the 12th of November 1999.

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999-2001), signed into law by President Clinton which repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and/or an insurance company.

The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.

http://www.govtrack.us/congress/vote.xpd?vote=s1999-105

http://www.govtrack.us/congress/vote.xpd?vote=h1999-570

http://www.nytimes.com/1999/11/13/business/clinton-signs-legislation-overhaul...

http://www.nytimes.com/1999/11/13/business/business-digest-421880.html?scp=41...

http://www.nytimes.com/1999/10/27/business/former-treasury-secretary-joins-le...

http://www.nytimes.com/1999/10/24/us/deal-on-bank-bill-was-helped-along-by-mi...

http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_18...

http://www.time.com/time/magazine/article/0,9171,992468,00.html

http://www.time.com/time/nation/article/0,8599,3187,00.html

http://www.c-spanarchives.org/congress/?q=node/77531&id=8716717

http://www.jameslavin.com/articles/2009/06/30/sen-dodd-after-destroying-bank-...

http://en.wikipedia.org/wiki/File:Gramm-Leach-Bliley_Vote_1999.png

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[BDeck75]

Gotta love that more Republicans voted to repeal Glass Steagall than Democrats yet this narrator names off Democrats then just blanketly says "as well as a lot of Republicans"

In the House, 155 Democrats and 207 Republicans voted for the measure, while 51 Democrats, 5 Republicans and 1 independent opposed it. Fifteen members did not vote.

[order9066]

@BDeck75 I'm John Barksdale, the narrator. I only had ten minutes to post my presentation and in my opinion your critique is valid. If I had more time I would have noted all Republicans who voted for the terrible Financial Services Modernization Act. Texas voted out Phil Gramm, but New York re-elected Senator Schumer who personally helped muscle the FSMA through the Senate. Bad laws cannot be enacted without bipartisanship.

[Adnihilo]

This video is wrong. All Democratic Senators but ONE voted against The Gramm-Leach-Bliley Bill in a republican majority with 55 republicans voting 'yea' and 44 Dems voting 'nah'. In the final 'conference' vote agreeing on 'language' it became a 'veto proof' bill Clinton could not veto..

[order9066]

@Adnihilo On Nov 12, 1999 President Clinton said: "Beginning with the introduction of an Administration-sponsored bill in 1997, my Administration has worked vigorously to produce financial services legislation that would not only spur greater competition, but also protect the rights of consumers and guarantee that expanded financial services firms would meet the needs of America's underserved communities. Passage of this legislation by an overwhelming, bipartisan majority of the Congress..."

[RyanKelly18]

@order9066 Are you serious?? You put together a video that makes it appear like you did your homework and know what you're talking about and then as soon as some "stepchild" who doesn't know what he's talking about says...without any shred of evidence...that Blagovich (which is misspelled, by the way) was never a congressman, you apologize and add a correction??! Blagojevich was there in 1999 and did vote for the Gramm-Leach-Bliley Act, which repealed Glass Steagall. Try Google next time.

[Muzzy337]

Phil Gramm is a fucking treasonous piece of shit that should be hung in the public town square. That STUPID motherfucker let the genie out of the bottle by being an ignorant douchebag corrupt asshole. He is the one that's responsible for allowing the banks to rape the economy. That stupid cocksucker is no patriot, he's a self serving asshole. HE CREATED TOO BIG TO FAIL- which is far too big to exist. Washington has NOT really changed anything and another bubble is inevitable.

[TruthMyMamaToldMe]

@josephc28 What kind of idiot are you? I listed the voting tally for democrats and renublicans, so it is OBVIOUS that *I* know both parties were involved.  Your dumbass, just like the author, only discusses Democrats. It is obvious that YOU are just as biased as the author of the video.

What is your point about Obama? Why arent you discussing Bush? You are a Renublican and are trying to skew the issue, just like the jackass who created this video.

loser.

[josephc28]

@TruthMyMamaToldMe Democrats voted for the repeal of Glass-Steagal too, not just republicans. So when we hear Obama, out on the campaign trail claiming the financial meltdown was Bush's fault or the GOP's fault. He is lying to people. The repeal of Glass-Steagal or the "Financial Modernization Act" as they called it, was a bipartisan bill. Interesting enough, after they passed it, Clinton embraced the bill and took great pride in signing it into law. That's my point.

[josephc28]

It's interesting how the MSM has more/less swept the repeal of Glass-Steagal under the rug, as it was one of the root causes of the financial crisis. This is exactly the kind of information everybody needs to hear. Citizens, especially those who vote, would have a much better understanding of what led up to the financial crisis and who is responsible, instead of just listening to and believing soundbites and empty slogans made by politicians.

[josephc28]

@TruthMyMamaToldMe Clinton could have vetoed the bill. Why didn't he? There are Congressman and Senators on both sides of the aisle that supported the repeal. The same way members on both sides of the aisle voted to bail out these very same banks and insurance companies that became "Too big to fail" as a result of repealing Glass-Steagal.

[TruthMyMamaToldMe]

SENATE VOTING...

REPUBLICANS FOR (52):

DEMOCRATS FOR (38):

REPUBLICANS AGAINST(1):

DEMOCRATS AGAINST(7):

NON VOTES 2