NEW YORK–Both political parties have announced intentions to rein in the big banks.
The New York Times, in its analysis of the platforms for both the Democratic and Republican parties, noted that both have inserted language related to the Glass-Steagall Act and its repeal. Enacted in 1933 following the Wall Street crash, the Glass Steagall Act prohibited commercial banks from engaging in the investment business. It was repealed in 1999 in legislation signed by President Bill Clinton. Ironically, Hillary Clinton, the Democratic nominee for president, has called for its re-enactment.
“The appearance of Glass-Steagall on both the Democratic and Republican platforms indicates that there is plenty of enthusiasm for bank bashing,” said the Times, which quoted Elaine C. Kamarck, a senior fellow at the Brookings Institution and a Democratic superdelegate, as saying, "The one thing we can bet on seeing in 2017 is a tougher attitude toward the financial industry…Millions of Americans think that they were the victims of Wall Street and that the next president had better pay attention."