Glass-Steagall: The Debate Term You Should Probably Know
Glass-Steagall made an appearance at the Democratic debate. Here's what you should know about the Depression-era banking law.By Elizabeth Hagedorn | October 13, 2015
During the Democratic debate, these two names came up a lot.
Glass and Steagall are the authors of the Glass-Steagall Act, a law passed in 1933 that prohibited financial institutions from conducting regular commercial banking alongside riskier investments.
In 1999, President Bill Clinton repealed it — which some critics say contributed to the 2008 financial collapse.