Loading ...are shorting and SHOOTING themselves in the foot. Next week China will BUY some CHEAP GOLD & SILVER ASSETS as Stupid Americans that let the Banksters run their Country ! Concrete proof that Glass Steagall was the right thing to do ,some people never learn..stupid Americans . The corruption of 3 congress Critters set this plague loose BLILEY of Virginia ,Gramm of Texas ,Leach of parts unknown candidates for “Lamp Posts R US”
and a short length of Rope off a High Ladder. just a note that all three were “Conservatives” bribed by “Liberals “or they were the STUPIDEST ever to occupy Congress .
Gramm-Leach-Bliley Act – Title I: Facilitating Affiliation Among Banks, Securities Firms, and Insurance Companies – Subtitle A: Affiliations – Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal prohibitions: (1) against affiliation of any Federal Reserve member bank with an entity engaged principally in securities activities (securities affiliate); and (2) against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank (interlocking directorates).
(Sec. 103) Amends the Bank Holding Company Act of 1956 (BHCA) to permit a financial holding company (FHC) to engage in any activity or to acquire the shares of any company whose activities have been determined by the Board of Governors of the Federal Reserve System (the Board), after mandatory consultation with the Secretary of the Treasury (Secretary), to be either financial in nature, or incidental or complementary to financial activities without posing a substantial risk to the safety and soundness of depository institutions, or of the financial system generally. Prescribes consultation and coordination guidelines. Permits the Board and the Secretary to authorize financial subsidiaries of banks to engage in merchant banking.