Voron#DoddFrank is NOT #GlassSteagall
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Dodd-Frank is not going to prevent future crisis, and will be subject to being degraded, because that’s what it’s designed for.
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Glass-Steagall was enacted in 1933 separating investment banking from commercial banking until Clinton signed its repeal in 1999.
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Dodd-Frank is fiddling still letting banks gamble w/deposits
#SVB #banking #banjs #economy
Paranoid Factoid@voron The Dodd-Frank Act neither reinstated the sections of the Glass-Steagall Act that were repealed by GLBA nor substantially modified the ability of banking firms to affiliate with securities firms.
@voron It did, however, include some arguably GlassSteagall-like provisions, which were designed to promote financial stability going forward, reduce various speculative activities of commercial banks, and reduce the likelihood that the U.S. government would have to provide taxpayer support to avert or minimize a future financial crisis.
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Federation of American Scientists: